Which bank is best for alternative loans?

rn29306 · Mar 30, 2005

Up until last year, Bank of America had one of the best deals - an unsecured loan, up to 30K. All fees were tacked onto this amount, in other words I took a check to the bank for 30K. No calculations were done on the school or where you live. It was straight money. This year seems different.

It seems that all the banks you mentioned, in addition to Bank of America now go throught TERI loans and it seems that my school is ranked only to get 23K as a projected number the school came up with based on tuition costs and other factors. Boy this sucks....

If anyone finds an unsecured loan that DOES NOT go through the TERI system, I would suggest taking it as you will get a greater amount, but I have not found one yet that is like that this year. Good luck.

unknown99, BSN, RN · Mar 30, 2005

Do NOT go with Ocwen Federal Bank! They are crooks and theives!! We had a home loan with them and were 2 weeks late on ONE payment. They started foreclosure proceedings, even though I told them I would be 2 weeks late and they okayed it. When I went to make the payment, they refused it!!! I had to hire an attorney because what they were doing was unethical. They have hundreds of lawsuits pending against them.

Ameriquest is a real good company, as is Americredit.

Wells Fargo tends to overcharge on interest rates, but they are easy to work with.

air · Mar 30, 2005

What bank did you choose for alternative loans? I have looked at bank one, wells fargo, sun trust...any other suggestions. What should I look for, etc. Any help would be greatly appreciated by myself and others in the same boat! Thanks

One of the biggest issues, should be the cost of money.

If you must get a loan, get one that involves no origination fees, and where points after prime is very low.

You would suggest East coast banks, the use LIBOR, which moves only quarterly. Try Access.

Good Luck

air · Mar 30, 2005

What bank did you choose for alternative loans? I have looked at bank one, wells fargo, sun trust...any other suggestions. What should I look for, etc. Any help would be greatly appreciated by myself and others in the same boat! Thanks

If you want a better chunk, make sure you turn in your application before you stop work.

rn29306 · Mar 31, 2005

companies cut you off, either at what the school estimates the cost should be (23K for one year at my school) or 30K (last year) regardless of your having a job or not, at least in my experience. i have never seen a loan for our circumstance above 30K. having a job when you apply may be of benefit when it comes to co-signer, but not the amount.

air · Mar 31, 2005

companies cut you off, either at what the school estimates the cost should be (23K for one year at my school) or 30K (last year) regardless of your having a job or not, at least in my experience. i have never seen a loan for our circumstance above 30K. having a job when you apply may be of benefit when it comes to co-signer, but not the amount.

True

Some banks will over you money without school restrictions or worrying about the schools FinAid formulas.

The best way to get low cost school loans with the exception of those disbursed through the school is to have good credit, be employed. If you need a co-signer it may bump up your % points added to prime. That way you get the money directly by-passing the school. That is now money unrestrictedly available to you.

Sure it may have a limit of 30Gs annually. Why would you want more than 60G's/24-30 months if you are having your tuition paid with stanford already? I believe not all circumstances are similar but this is school time, it would be wise also to cut expenses where we can, have some savings for this program, and just use the loan as a supplement. Whatever balance of the loan you have available at the end of your program, write out a check and refund the money to the bank. It would drive down your finance charge tremendously.

Blue eagle · Mar 31, 2005

have a question :

how can i obtain an alternative loan if i have a bad credit history ( sometimes the past creeps up on you... made some bad choices in the past). i was instructed to get a co-signer for this... any suggestions? any banks?

rn29306 · Mar 31, 2005

bank of america

bank one

suntrust

wells fargo

you are going to have to find a very good co-signer.

air · Mar 31, 2005

have a question :
how can i obtain an alternative loan if i have a bad credit history ( sometimes the past creeps up on you... made some bad choices in the past). i was instructed to get a co-signer for this... any suggestions? any banks?

RN29306 is correct.

If I were you, I would apply alone. IF they approve then fine. If not, YOu have to get a credit worthy co-signer.

Remember, points before the prime would depend on your FICO score.

Make sure you have a job before applying. You may get lucky.

Try those banks named by RN29306

meg228 · Mar 31, 2005

I got a 30,000 unsecured loan throught Sallie Mae's Tuition Answer Loan program. It was very easy and they don't go through the school at all other than requesting a letter confirming your enrollment and they also tack on the fees and whatnot onto the amount. I got a check made out to me for 30000 within a couple of weeks of applying. You do have to have a job and make at least 15,000 a year I think...so apply before leaving your job if at all possible. Also I think that they just raised the max loan amount to $40000.

Good Luck!

BigDave · Apr 1, 2005

I start in August. How soon should I start applying for loans. I have a good job now, but that will drop to near nothing. I was thinking on doing this in April...too early??