Law School Discussion

Deciding Where to Go => Financial Aid => Topic started by: ElizaB on May 16, 2005, 03:48:57 PM

Title: So who did everyone end up going with for their loans?
Post by: ElizaB on May 16, 2005, 03:48:57 PM
I looked at some websites but they all looked pretty much the same.  I was wondering who everyone ended up going with?  Did you go with the same company for your Stafford and private loans?
Title: Re: So who did everyone end up going with for their loans?
Post by: Trel on May 17, 2005, 09:52:27 AM
Vandy recommends Access group but I may be going with THE...I'm looking at it now to see if the latter is going to be cheaper. 
Title: Re: So who did everyone end up going with for their loans?
Post by: Abevigoda on May 17, 2005, 09:55:50 AM
Should I be doing this stuff now?  I was going to wait until June, am I a retard?
Title: Re: So who did everyone end up going with for their loans?
Post by: Trel on May 17, 2005, 10:25:24 AM
The vandy letter says I should do it no later than June 1st, so I guess it varies by school, but I'd get started.
Title: Re: So who did everyone end up going with for their loans?
Post by: Trel on May 17, 2005, 11:47:59 AM
Thought I'd update this for anyone interested.  Some of this is specific to Vanderbilt, and will vary by school.  After comparing Access Group and THE loans, I'm going with THE even though Vandy recommends Access, and here's why:

Positives:
You get a credit immediately on entering repayment of 1.3% on stafford loans and 1% on private loans.  There's no need to make 48 consecutive payments.  You should take into account this number isn't guaranteed and can be changed at their discretion in the future, though customer service claims this is the historical number they've always offered.

More importantly...interest rates on private loans.  Access group offers 3 mo LIBOR + 2.55% for those with the best credit, or 3 mo LIBOR + 3.75% for "most" people.  THE offers 3 mo LIBOR + 1.75% for those with the highest credit, or 3 mo LIBOR + 2.75% for "most" people.  That's a big difference.

THE has no origination or guarantee fees.  Access has no origination fees, but a guarantee fee of up to 1%. 

Negatives:
Access group has a repayment period of 20 yrs on private loans, THE has one of 15 years.

Access group lets you borrow as much as necessary to complete your education, THE has a limit of $180,000

If you're applying for finaid, I'd definately go comparison shopping before going with the lender my school recommended.
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 17, 2005, 01:50:36 PM
Which company does THE stand for?
Title: Re: So who did everyone end up going with for their loans?
Post by: Trel on May 17, 2005, 02:03:48 PM
www.northstar.org
Title: Re: So who did everyone end up going with for their loans?
Post by: jimmyp on May 18, 2005, 01:06:24 PM
www.northstar.org

I don't really understand the stafford loan process yet.  Basically, I can call any bank, tell them I have been approved for a subsidized stafford loan, and they will offer me a rate that I have to pay when I get out?  Do only certain banks do this?  Where did you guys learn about this stuff?
Title: Re: So who did everyone end up going with for their loans?
Post by: Tymeless on May 18, 2005, 01:16:30 PM
www.northstar.org

I don't really understand the stafford loan process yet.  Basically, I can call any bank, tell them I have been approved for a subsidized stafford loan, and they will offer me a rate that I have to pay when I get out?  Do only certain banks do this?  Where did you guys learn about this stuff?


Well stafford loans are government loans issued based upon your fafsa application and your COA (Cost of Attendance) less EFC (Estimated Family Contribution).  Most of the time a school will have a prefered lender who stafford loans are processed through, so you have to check with your school.  Call the Financial Aid Department.  They can give you complete description of all loans and what will be available to you. 

Where did I learn.  I have been taking out, both private and govermental loans since freshman year of Undergrad.  The only thing that I am now learning about and trying to process more is comparision shopping (interest rates, credits) I use to take what ever loan and just keep going.  Not this time around. 
Title: Re: So who did everyone end up going with for their loans?
Post by: Hegel on May 18, 2005, 10:40:52 PM
www.northstar.org

I don't really understand the stafford loan process yet.  Basically, I can call any bank, tell them I have been approved for a subsidized stafford loan, and they will offer me a rate that I have to pay when I get out?  Do only certain banks do this?  Where did you guys learn about this stuff?


Well stafford loans are government loans issued based upon your fafsa application and your COA (Cost of Attendance) less EFC (Estimated Family Contribution).  Most of the time a school will have a prefered lender who stafford loans are processed through, so you have to check with your school.  Call the Financial Aid Department.  They can give you complete description of all loans and what will be available to you. 

Where did I learn.  I have been taking out, both private and govermental loans since freshman year of Undergrad.  The only thing that I am now learning about and trying to process more is comparision shopping (interest rates, credits) I use to take what ever loan and just keep going.  Not this time around. 

One company might approve at the best rate while another might approve at a more unfavorable rate.  So, are you able to apply to multiple companies and compare the packages or is it a one shot deal once you pick a loan company?
Title: Re: So who did everyone end up going with for their loans?
Post by: St. Shaun on May 18, 2005, 10:43:48 PM
I went to northstar.org for my stafford and accessgroup for my private loans.

Would have done both at northstar, but they didn't offer private loans at my school (university of michigan).  Gan't imagine why not, it's a big school.
Title: Re: So who did everyone end up going with for their loans?
Post by: bruin on May 19, 2005, 02:06:04 AM
I'm planning on Bank of America for my private loans (they have good rates, for UVa at least), Not so sure about my staffords. Uva recommends BofA, but they charge ~$500/yr in fees that some other lenders don't charge.
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 19, 2005, 07:15:12 AM
I'm planning on Bank of America for my private loans (they have good rates, for UVa at least), Not so sure about my staffords. Uva recommends BofA, but they charge ~$500/yr in fees that some other lenders don't charge.

I'm using BoA for Private for UVa, also, they seem to be the best for us.  I emailed Northstar about Stafford loans for UVa Law since according to their site it doesn't appear that they offer them for anything except the grad school.  Someone emailed me back and told me "It appears we are in the process of getting the school eligibility.  The person responsible for this is out of the office today.  Upon her return tomorrow, we will check and send you more information." so I'll let you know when I hear back.  I'm hoping to get Stafford through them based on info written in this thread.
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 20, 2005, 11:53:42 AM
On the Northstar website it says "Note: If you are only applying for a Federal Stafford loan, you are not required to check the box because T.H.E. will not obtain a consumer credit report."

Does this mean that don't check credit score for Stafford Loans?  So everyone gets the same rate?

Also, you can now use Northstar for UVa loans.  They sent me an email about it today. 
Title: Re: So who did everyone end up going with for their loans?
Post by: St. Shaun on May 20, 2005, 12:01:17 PM
They don't need to check your credit for staffor loans because there government backed.
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 20, 2005, 12:28:47 PM
They don't need to check your credit for staffor loans because there government backed.

But doesn't Access Group check credit score even for Stafford?  Maybe not.  Just when I thought I understood all of this.  Oh well, I'm going with Northstar anyway...
Title: Re: So who did everyone end up going with for their loans?
Post by: blaqueangel on May 20, 2005, 12:46:40 PM
Did they email or call you back? When are you going to apply for Northstar?

I think it's ridiculous that BOA charges an origniation fee of $550 (according to UVA's website) when other lendors don't.
All of their other perks can be obtained from other lendors.
Is this the reason you chose Northstar over BOA?

I need to get moving because I received a letter from UVA yesterday and it seems that they want to get paid on aug 1 (or some date close to that).

They don't need to check your credit for staffor loans because there government backed.

But doesn't Access Group check credit score even for Stafford?  Maybe not.  Just when I thought I understood all of this.  Oh well, I'm going with Northstar anyway...
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 20, 2005, 01:25:48 PM
Did they email or call you back? When are you going to apply for Northstar?

I think it's ridiculous that BOA charges an origniation fee of $550 (according to UVA's website) when other lendors don't.
All of their other perks can be obtained from other lendors.
Is this the reason you chose Northstar over BOA?

I need to get moving because I received a letter from UVA yesterday and it seems that they want to get paid on aug 1 (or some date close to that).

They don't need to check your credit for staffor loans because there government backed.

But doesn't Access Group check credit score even for Stafford?  Maybe not.  Just when I thought I understood all of this.  Oh well, I'm going with Northstar anyway...

They emailed me back.  They charge no fees and have very good repayment bonuses.  I would definitely go with them, based on my research.  Wait, do we all have to pay them by August 1?  Or is that unique for you?  On the website I thought it said sometime near the beginning of classes.
Title: Re: So who did everyone end up going with for their loans?
Post by: sunset1021 on May 20, 2005, 01:41:45 PM
Thought I'd update this for anyone interested.  Some of this is specific to Vanderbilt, and will vary by school.  After comparing Access Group and THE loans, I'm going with THE even though Vandy recommends Access, and here's why:

Positives:
You get a credit immediately on entering repayment of 1.3% on stafford loans and 1% on private loans.  There's no need to make 48 consecutive payments.  You should take into account this number isn't guaranteed and can be changed at their discretion in the future, though customer service claims this is the historical number they've always offered.

More importantly...interest rates on private loans.  Access group offers 3 mo LIBOR + 2.55% for those with the best credit, or 3 mo LIBOR + 3.75% for "most" people.  THE offers 3 mo LIBOR + 1.75% for those with the highest credit, or 3 mo LIBOR + 2.75% for "most" people.  That's a big difference.

THE has no origination or guarantee fees.  Access has no origination fees, but a guarantee fee of up to 1%. 

Negatives:
Access group has a repayment period of 20 yrs on private loans, THE has one of 15 years.

Access group lets you borrow as much as necessary to complete your education, THE has a limit of $180,000

If you're applying for finaid, I'd definately go comparison shopping before going with the lender my school recommended.

I called Access Group this morning and they said that while there is a guarantee fee on Stafford loans, Acess Group will actually pay it for you...they also said there are no fees on their private loans...
Title: Re: So who did everyone end up going with for their loans?
Post by: king on May 20, 2005, 02:03:28 PM
On the Northstar website it says "Note: If you are only applying for a Federal Stafford loan, you are not required to check the box because T.H.E. will not obtain a consumer credit report."

Does this mean that don't check credit score for Stafford Loans?  So everyone gets the same rate?

Also, you can now use Northstar for UVa loans.  They sent me an email about it today. 

Your credit has NO bearing on your Stafford loan.  The rate is set by law. 
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 20, 2005, 02:37:21 PM
On the Northstar website it says "Note: If you are only applying for a Federal Stafford loan, you are not required to check the box because T.H.E. will not obtain a consumer credit report."

Does this mean that don't check credit score for Stafford Loans?  So everyone gets the same rate?

Also, you can now use Northstar for UVa loans.  They sent me an email about it today. 

Your credit has NO bearing on your Stafford loan.  The rate is set by law. 

Hmmm, sure wish I had figured this out before I stressed about having the best credit score possible. 
Title: Re: So who did everyone end up going with for their loans?
Post by: _____ on May 20, 2005, 03:12:29 PM
On the Northstar website it says "Note: If you are only applying for a Federal Stafford loan, you are not required to check the box because T.H.E. will not obtain a consumer credit report."

Does this mean that don't check credit score for Stafford Loans?  So everyone gets the same rate?

Also, you can now use Northstar for UVa loans.  They sent me an email about it today. 

Your credit has NO bearing on your Stafford loan.  The rate is set by law. 

Hmmm, sure wish I had figured this out before I stressed about having the best credit score possible. 

Actually, unless you don't need any private loans whatsoever (in addition to the federal loans), it was right to stress about it.

All private loans are VERY dependent on your credit score...
Title: Re: So who did everyone end up going with for their loans?
Post by: St. Shaun on May 20, 2005, 03:50:56 PM
There are dependant on your score, but few will reject you unless you score is near 300.  You'll just end up having a higher rate.
Title: Re: So who did everyone end up going with for their loans?
Post by: blaqueangel on May 22, 2005, 07:37:44 PM
Sorry, I'm just getting back to you. Payment is due on August 12 for UVA. The school needs to at least know that the $ is coming from your loan lenders. I'm sure you've gotten the letter by now.


Did they email or call you back? When are you going to apply for Northstar?

I think it's ridiculous that BOA charges an origniation fee of $550 (according to UVA's website) when other lendors don't.
All of their other perks can be obtained from other lendors.
Is this the reason you chose Northstar over BOA?

I need to get moving because I received a letter from UVA yesterday and it seems that they want to get paid on aug 1 (or some date close to that).

They don't need to check your credit for staffor loans because there government backed.

But doesn't Access Group check credit score even for Stafford?  Maybe not.  Just when I thought I understood all of this.  Oh well, I'm going with Northstar anyway...

They emailed me back.  They charge no fees and have very good repayment bonuses.  I would definitely go with them, based on my research.  Wait, do we all have to pay them by August 1?  Or is that unique for you?  On the website I thought it said sometime near the beginning of classes.
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 22, 2005, 09:08:06 PM
On the Northstar website it says "Note: If you are only applying for a Federal Stafford loan, you are not required to check the box because T.H.E. will not obtain a consumer credit report."

Does this mean that don't check credit score for Stafford Loans?  So everyone gets the same rate?

Also, you can now use Northstar for UVa loans.  They sent me an email about it today. 

Your credit has NO bearing on your Stafford loan.  The rate is set by law. 

Hmmm, sure wish I had figured this out before I stressed about having the best credit score possible. 

Actually, unless you don't need any private loans whatsoever (in addition to the federal loans), it was right to stress about it.

All private loans are VERY dependent on your credit score...

UVa has a program set up with BoA where it's like Stafford, sort of.  As long as you have the minimum necessary score, everyone gets the same rate.  My credit score is fine, I had just been stressing about having it as close to perfect as possible to get the best rates on loans.  Now I've found out that both my Stafford and private loans are the same rate for everyone, so the stressing was for nothing.  But at least it made me pay off all my credit cards.  I guess nothing bad can come from stressing about your credit score.  Except the stress, of course.
Title: Re: So who did everyone end up going with for their loans?
Post by: INdecision on May 23, 2005, 10:41:37 AM
Just to agree with some posts on this thread-
I have been doing all of the comparisons between Access Group and Northstar (THE), and I agree (unless someone brings additional information to the table) that THE is the way to go.  I called Access group, and it is true that they have no guarantor fees right now (since none of their guarantors charge them at this time), but they still have higher rates than does THE on their private loans.  Initially I thought I'd go with Access Group since they said nothing on their website about capitalization of interest (though maybe I was naive to think a lender wouldn't automatically do that), but they have the same capitalization policy that THE has: once, upon entering repayment. The only thing I've left to compare is the terms regarding customization of payment plans and penalties on early payments.  If you're hoping to get big-firm pay over summers and upon graduating, it would be great if you could then pay a lot of the debt up front...some lenders will allow you to customize payment, giving you better rates in return for shortening your payment period.  Does anyone know where THE stands on these two aspects of the loan terms?
Title: Re: So who did everyone end up going with for their loans?
Post by: St. Shaun on May 23, 2005, 11:48:33 AM
I went with accessgroup since northstar quoted me the same rate as accessgroup and didn't get back to me if they could do loans at Michigan or not.  Otherwise I would have gone with northstar, even if they had the same rate because I'm doing my stafford through them.
Title: Re: So who did everyone end up going with for their loans?
Post by: lex19 on May 23, 2005, 03:41:30 PM
does anyone know a lender that only checks your experian credit report??
Title: Re: So who did everyone end up going with for their loans?
Post by: supernga on May 23, 2005, 04:06:45 PM
does anyone know a lender that only checks your experian credit report??

Access Loan only checks Experian.
Title: Re: So who did everyone end up going with for their loans?
Post by: lex19 on May 23, 2005, 04:08:37 PM
thanks supernga....not looking forward  to this process at all
Title: Re: So who did everyone end up going with for their loans?
Post by: bdc on May 23, 2005, 05:38:11 PM
I decided to go with nellie mae.  well, thats not true- access group turned down my cosigner and nellie mae approved her.  So, even though they weren't my first choice and i'll have to pay the fees at least there is some hope for us less then stellar applicants.  good luck to all of you.
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on May 24, 2005, 07:30:47 AM
does anyone know a lender that only checks your experian credit report??

Access Loan only checks Experian.

Access Group uses all three, it depends on your zip code.  You should call them to find out who they will use for you.  In Boston they use Experian and in my hometown (midwest) they use Trans Union.
Title: Re: So who did everyone end up going with for their loans?
Post by: Niuniu on May 24, 2005, 08:43:33 AM
Stupid stupid question. 

How do you guys know your credit scores from different agencies.  Is it smart to order credit reports from all the credit agencies?  Is it expensive?
Title: Re: So who did everyone end up going with for their loans?
Post by: _____ on May 24, 2005, 11:47:21 AM
Stupid stupid question. 

How do you guys know your credit scores from different agencies.  Is it smart to order credit reports from all the credit agencies?  Is it expensive?

You can pay for them by going to Myfico.com.  Do a google search for a current promo code first, and you can probably get a discount... (Regular price is only like $30 though...)

Keep in mind, however, that these lenders typically pick and choose what information they want included in your score, so it may be different from the scores you buy online.

The scores you buy are still useful, however, because it will give you a good idea of where you more or less stand...
Title: Re: So who did everyone end up going with for their loans?
Post by: thefaceman on May 24, 2005, 01:20:53 PM
depending on your state, you can order a free one from each company once a year.  I think the site is www.freecreditreport.com.  I just looked it up and it looks like it is just experian on the homepage.  Anyone else know about this?  I know for certain that I got mine from two of the three a few months ago using this service, but when I look at the website now it looks a little different.
Title: Re: So who did everyone end up going with for their loans?
Post by: rm5400 on May 24, 2005, 01:52:15 PM
I decided to go with nellie mae.  well, thats not true- access group turned down my cosigner and nellie mae approved her.  So, even though they weren't my first choice and i'll have to pay the fees at least there is some hope for us less then stellar applicants.  good luck to all of you.

I thought access group didn't allow you a co-signer?  If so, is there a downside to having a parent (with awesome credit) sign with you?
Title: Re: So who did everyone end up going with for their loans?
Post by: bdc on May 24, 2005, 02:05:41 PM
Access group does and requested that I have a cosigner.  I don't know what the downside could be with having a great cosigner.  The downside is only for the cosigner.
Title: Re: So who did everyone end up going with for their loans?
Post by: rm5400 on May 24, 2005, 02:22:30 PM
Access group does and requested that I have a cosigner.  I don't know what the downside could be with having a great cosigner.  The downside is only for the cosigner.

My parents saw the downside of me shortly after birth....Thanks I'll guess I'll have to call them.
Title: Re: So who did everyone end up going with for their loans?
Post by: _____ on May 24, 2005, 03:02:46 PM
depending on your state, you can order a free one from each company once a year.  I think the site is www.freecreditreport.com.  I just looked it up and it looks like it is just experian on the homepage.  Anyone else know about this?  I know for certain that I got mine from two of the three a few months ago using this service, but when I look at the website now it looks a little different.

You can get a free credit report, yes, but you still have to pay for the scores...

The way this works is as follows:

There are 3 credit bureaus--Trans Union, Experian and Equifax.  You get one free report from each of them each year (once every 365 days).  You can order all three at once, or space them out, depending on your purposes. 

Getting all 3 gives a better financial picture of right now; spreading them out and ordering 1 every 4 months helps you to protect against identity theft for free (because you'd see the changes you didn't authorize).

As such, I'd advise paying for all three right now because you want YOUR SCORES.  The free ones do not come with scores, and therefore are of limited help.  If you pay for it at Myfico, you can get these nifty simulators that help you see how certain actions would affect your credit report and stuff--in addition to getting the scores.

The way I see it, that's the better way to go in this instance.  Save the free ones for looking for identity theft...
Title: Re: So who did everyone end up going with for their loans?
Post by: St. Shaun on May 24, 2005, 08:59:17 PM
I got my score with my free credit check at experian.com
Title: Re: So who did everyone end up going with for their loans?
Post by: Antigua81 on May 25, 2005, 11:58:09 AM

You can go to www.annualcreditreport.com and get free credit scores from all three credit bureaus.  The date when you can do this depends on the state in which you reside.  I think the freecreditreport.com site is run by experian.

depending on your state, you can order a free one from each company once a year.  I think the site is www.freecreditreport.com.  I just looked it up and it looks like it is just experian on the homepage.  Anyone else know about this?  I know for certain that I got mine from two of the three a few months ago using this service, but when I look at the website now it looks a little different.

You can get a free credit report, yes, but you still have to pay for the scores...

The way this works is as follows:

There are 3 credit bureaus--Trans Union, Experian and Equifax. You get one free report from each of them each year (once every 365 days). You can order all three at once, or space them out, depending on your purposes.

Getting all 3 gives a better financial picture of right now; spreading them out and ordering 1 every 4 months helps you to protect against identity theft for free (because you'd see the changes you didn't authorize).

As such, I'd advise paying for all three right now because you want YOUR SCORES. The free ones do not come with scores, and therefore are of limited help. If you pay for it at Myfico, you can get these nifty simulators that help you see how certain actions would affect your credit report and stuff--in addition to getting the scores.

The way I see it, that's the better way to go in this instance. Save the free ones for looking for identity theft...
Title: Re: So who did everyone end up going with for their loans?
Post by: BAFF213 on May 26, 2005, 10:11:42 AM
sweet - im supposed to wait until sept to get my free report?


You can go to www.annualcreditreport.com and get free credit scores from all three credit bureaus.  The date when you can do this depends on the state in which you reside.  I think the freecreditreport.com site is run by experian.

depending on your state, you can order a free one from each company once a year.  I think the site is www.freecreditreport.com.  I just looked it up and it looks like it is just experian on the homepage.  Anyone else know about this?  I know for certain that I got mine from two of the three a few months ago using this service, but when I look at the website now it looks a little different.

You can get a free credit report, yes, but you still have to pay for the scores...

The way this works is as follows:

There are 3 credit bureaus--Trans Union, Experian and Equifax. You get one free report from each of them each year (once every 365 days). You can order all three at once, or space them out, depending on your purposes.

Getting all 3 gives a better financial picture of right now; spreading them out and ordering 1 every 4 months helps you to protect against identity theft for free (because you'd see the changes you didn't authorize).

As such, I'd advise paying for all three right now because you want YOUR SCORES. The free ones do not come with scores, and therefore are of limited help. If you pay for it at Myfico, you can get these nifty simulators that help you see how certain actions would affect your credit report and stuff--in addition to getting the scores.

The way I see it, that's the better way to go in this instance. Save the free ones for looking for identity theft...
Title: Re: So who did everyone end up going with for their loans?
Post by: ElizaB on May 26, 2005, 11:32:22 AM
Access group does and requested that I have a cosigner.  I don't know what the downside could be with having a great cosigner.  The downside is only for the cosigner.

Access group only allows you to have a co-signer if your credit wasn't good enough for the LIBOR + 3.75 rate and if you need help to qualify for the LIBOR + 6.75 rate.  I was approved on my own for the the 3.75 rate and I tried to convince them to let me use a cosigner so maybe I could get the LIBOR + 2.55 rate.  They would not let me do it.  They said only those not approved on their own could have a cosigner.

They do, however, require references so they can track you down if you fail to pay.
Title: Re: So who did everyone end up going with for their loans?
Post by: rm5400 on May 26, 2005, 01:16:36 PM
Access group does and requested that I have a cosigner.  I don't know what the downside could be with having a great cosigner.  The downside is only for the cosigner.

Access group only allows you to have a co-signer if your credit wasn't good enough for the LIBOR + 3.75 rate and if you need help to qualify for the LIBOR + 6.75 rate.  I was approved on my own for the the 3.75 rate and I tried to convince them to let me use a cosigner so maybe I could get the LIBOR + 2.55 rate.  They would not let me do it.  They said only those not approved on their own could have a cosigner.

They do, however, require references so they can track you down if you fail to pay.

Unless you get the 2.55% rate, it sounds like THE is a better deal because you get the 1% rebate as opposed to .5% after 48months at access (on private loans).  assuming that the rebate doesn't change much
Title: Re: So who did everyone end up going with for their loans?
Post by: AgentRHE on June 03, 2005, 10:34:50 AM
Unless you get the 2.55% rate, it sounds like THE is a better deal because you get the 1% rebate as opposed to .5% after 48months at access (on private loans).  assuming that the rebate doesn't change much

I got 2.75% at Access Group, and went with THE for the staffords.  I would have considered THE for the private loans, but the 15 year pay-off period worried me.  I don't plan on taking more than 15 years, but should I suck up the place and end up as a public defender making $32,000 a year... the wiggle room will be nice.

Title: Re: So who did everyone end up going with for their loans?
Post by: lyrarain on June 08, 2005, 12:05:17 PM
tag
Title: Re: So who did everyone end up going with for their loans?
Post by: Abevigoda on June 08, 2005, 02:22:53 PM
I went with the Access for the full Stafford Loans and didn't apply for any private loans.  Can I apply for the private loans during the school year if I need them?  Do I need to use Access since because that is who I used for Stafford?
Title: Re: So who did everyone end up going with for their loans?
Post by: lyrarain on June 08, 2005, 02:53:16 PM
As far as I can tell you can use different lenders for Stafford and private. I think when you can receive money depends on disbursement dates set by your schoo's fin aid office, so if you apply late for private loans you will probably have to wait till the next disbursement date. Check with your office!
Title: Re: So who did everyone end up going with for their loans?
Post by: Abevigoda on June 08, 2005, 03:36:17 PM
Thanks, I will check with the office.
Title: Re: So who did everyone end up going with for their loans?
Post by: MoneyHungryGollum on June 09, 2005, 06:51:33 PM
Does anybody know of a lender that leans towards TransUnion over Equifax and Experian - and further does it vary by geographic location???
Title: Re: So who did everyone end up going with for their loans?
Post by: SleepyGuyYawn on June 12, 2005, 12:42:11 AM
Anybody know if late June is too late to apply for private loans?  I'm trying to pay off some credit cards this month before I apply.  What do ya'll think?  Am I cutting it too close?
Title: Re: So who did everyone end up going with for their loans?
Post by: fat_daddy on June 12, 2005, 10:58:01 PM
I went with THE for my Stafford and I will also go with them for my private since Access does not think my score of 760 is worthy of their low interest rate.
Title: Re: So who did everyone end up going with for their loans?
Post by: Boston24 on June 13, 2005, 07:48:42 AM
Anybody know if late June is too late to apply for private loans?  I'm trying to pay off some credit cards this month before I apply.  What do ya'll think?  Am I cutting it too close?

I think most schools (well, UVa and NYU from my own experience) say to apply mid early-mid July at the latest.
Title: Re: So who did everyone end up going with for their loans?
Post by: SleepyGuyYawn on June 13, 2005, 09:09:05 AM
Thanks.  That's helpful.
Title: Re: So who did everyone end up going with for their loans?
Post by: rm5400 on June 13, 2005, 10:56:43 AM
Anybody know if late June is too late to apply for private loans?  I'm trying to pay off some credit cards this month before I apply.  What do ya'll think?  Am I cutting it too close?

I could wrong but if the purpose of paying off credit cards is to increase your credit score, I don't believe the turnaround is that quick.  I think something like that would take a few months to reflect in your credit score.  Reason being I think credit cards send reports every month or two relaying your standing rather than reporting agency's acquiring the info everytime you apply for a loan.  Not positive on that though.
Title: Re: So who did everyone end up going with for their loans?
Post by: SleepyGuyYawn on June 13, 2005, 11:24:25 AM
Huh... I wonder how I'd check on that.  Call the credit agencies?
Title: Re: So who did everyone end up going with for their loans?
Post by: rm5400 on June 13, 2005, 12:36:27 PM
Huh... I wonder how I'd check on that.  Call the credit agencies?

Probably, part of the info I had on that was because I called a Macy's credit card that I forgot to pay once.  I was terrified it would f up my credit but they said that it had to be 60 days deliquent before they would report to the credit agency and hence screw up my credit.  However, I know you can get your credit report changed by writing to them in case of mistakes, so maybe you could write to them once you paid off the cc's and they could expedite the change in your score.  Just an idea.  I guess try calling one of the agencies for that.
Title: Re: So who did everyone end up going with for their loans?
Post by: Hegel on June 30, 2005, 09:36:47 PM
Thanks to you guys for the info on the private loans. 

Definitely shop around for the best terms.  Example ... I was approved by two companies:

Access at LIBOR + 6.45% !!!!
Northstar at LIBOR + 2.75% (plus incentives at repayment)

And, I almost stopped at the first quote!  Almost a 4% difference!!!  Shop. Shop. Shop.
Title: Re: So who did everyone end up going with for their loans?
Post by: bruin on June 30, 2005, 09:52:05 PM
Mailed my promissory note yesterday.

BofA: LIBOR + 2.60%