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Messages - Brasco

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1
Acceptances / Re: UC Davis
« on: July 27, 2006, 04:49:04 PM »
Access Group is a joke!  A loan of 3-month LIBOR + 3.95% would have been over 10% by next year.  There shouldn't be a penalty for cancelling a loan, especially when it hasn't been approved or if you didn't sign the promissory note.  I cancelled my THE loan for USD, all I did was call them up.  It was that easy.

2
Acceptances / Re: UC Davis
« on: July 27, 2006, 04:44:57 PM »
Good move Sara! I spoke with some of the finance people at the place I work for, as well as the economist for the mortgage company I'm currently auditing (they are a huge mortgage company) and it looks like the Fed will raise interest rates at least one more time before the end of the year, and maybe once more in 2007. Most forecasts don't call for interest rates to fall until late 2007.  And they'll go down graduatually probably in .25 increments.  That'll make the 7.9% fixed rate on GradPlus a steal!  That means, your private loan would have been acrueing interest while your loan balance was at it's highest!  Your variable rate loan will be well over 8% by year end, if you didn't get the premier interest rate to begin with (like 3 month Libor + 1.5%).  If you had a Prime rate based loan, you would have been screwed for sure.

3
Acceptances / Re: UC Davis
« on: July 27, 2006, 12:53:52 PM »
Nesnut, GradPlus will be worth the wait.  Float your purchases on your credit card or borrow money from your parents if you have too.

4
Acceptances / Re: UC Davis
« on: July 26, 2006, 03:34:49 PM »
Nesnut,

Hot off the press.

http://www.law.ucdavis.edu/financialaid/type_assistance.shtml

7.9% fixed, damn!  GladPlus is for me!

5
Acceptances / Re: UC Davis
« on: July 25, 2006, 08:17:20 PM »
yeah, i'm thinking real life should substitute LSD- there's something wrong with talking online with everyone when we are a 3 minute bikeride/7 minute walk from one another  :D

I just called the Financial Aid Office and they will be offering GradPlus in the next week, but since they are a direct lender, we'll get no interest rate reductions, rebates, etc.  Man, this is getting complex.

Wait, wait, wait- Brisco, they told you Grad PLUS would be offered next week?  Now I'm really confused- I asked about this a few months ago and was told (as we all believed) that PLUS wasn't available at UCD.  I haven't seen any announcements or mentionings of it online with EFAN either.  At this point, I can't find any reductions/rebates for any other loan carriers.  Brisco, do you know, based on that conversation, whether the PLUS loan will be made available to all students on EFAN and, if so, is it Prime + something or just the basic Prime rate?  I would rather take out PLUS loans than go with pivate lenders- as far as I can tell, I still have deferrment options available to me, as well as a lower interest rate (at least I think that's right- at this point, the loans are driving me crazy and I simply don't care anymore)

I spoke with the Financial Aid Office today.  They said the GradPlus loans would be offered on the website sometime next week, and but the funds won't be disbursed until after August 12th. The GradPlus loans will be direct, which sucks, because all the major GradPlus providers such as SallieMae, THE, Myrichuncle, Wachovia, even NellieMae offer rate reductions, incentives, etc.  For example, SallieMae gives you a .25% rate reduction right off the bat, making the GradPlus loan 8.25% right off the bat. All in, a SallieMae GrdPlus loan can be as low as 6.75% or something.  All GradPlus loans are fixed at 8.5%

I'm getting the GradPlus loan, unless the Financial Aid Office was jacking my jaw! I like the consolidation options, the fact that I don't need a co-signor, and the deferral options.  With the options we are left with, it makes the most sense.  It's still junky, but beggers can't be....you know the rest.

6
Acceptances / Re: UC Davis
« on: July 25, 2006, 02:41:31 PM »
I just called the Financial Aid Office and they will be offering GradPlus in the next week, but since they are a direct lender, we'll get no interest rate reductions, rebates, etc.  Man, this is getting complex.

7
Acceptances / Re: UC Davis
« on: July 25, 2006, 02:06:20 PM »
Nestnut, I know my THE interest because I already applied for the loan when I was going to USD, I was approved and everything.  So when I got into Davis, I had to cancel my THE loan and I applied to Access Group. I was approved for the loan, but I never signed the note.  The interest rate was too high; I told Access Group to shove it.

So at the time of approval, they tell you what interest rate you'll receive.  I'm almost certain interest rates are determined based on FICO scores. 

8
Acceptances / Re: UC Davis
« on: July 22, 2006, 02:14:34 AM »
Nesnut, UCD like most other schools will process your loan from any lender.  They are most concerned with getting paid.  The preferred lenders list is just lenders they've had positive experiences with and there could be some administrative efficiencies in using these lenders.  Our main concern is getting the best rate and terms.  If that means the UCD Financial Aid Office has to do more work on the back-end to process our loan, then so be it.  I wouldn't worry too much about the preferred lenders.

So far I've narrowed my search to Sallie Mae and Myrichuncle.  Sallie Mae offers a Prime + 0 option for the best borrowers, they also release the co-signor after 24 payments.  Myrichuncle offers 3 month-Libor +2.25 for its best borrowers.  I'd prefer to do everything on my own, but I'll get my dad to co-sign if I have to.

9
Acceptances / Re: UC Davis
« on: July 21, 2006, 04:40:17 PM »
Aren't Citibank loans indexed to the prime rate?  The prime rate is pretty high at the moment, so I remember ruling out Citibank as well.  I really need to sit down and research all this all over again...

10
Acceptances / Re: UC Davis
« on: July 21, 2006, 04:22:20 PM »
Nesnut, I'm not going with Access Group as I qualified for the normal loan rate, which is 3 month LIBOR + 3.95%, which makes my loan over 9%.  I was accepted off the waitlist for UCD and had plans on going to USD.  I had all my financial aid set, of which I had a private loan from THE, which I qualified for the premier rate of 3 month LIBOR + 2.75%.  Unfortunately THE doesn't give private loans to UCD students. 

I think I'm going to use Sallie Mae, and have my dad co-sign the loan with me.  He'll get released from the loan after I make my first 24 payments.  That way, I'll get the lowest rate possible.  My credit scores are good, but my dad's are awesome. But I'm still researching.  UCD's preferred lenders just aren't that good, Nellie Mae (too many fees, not enough incentives) and Key Bank (rates are too high) are whack! I'll need to research a few more lenders. Let me know what you think.

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