Law School Discussion

Nine Years of Discussion
;

Author Topic: Does the lender really matter?  (Read 6584 times)

maka nani

  • LSD Obsessed
  • *****
  • Posts: 9158
    • AOL Instant Messenger - redsox1079
    • View Profile
Re: Does the lender really matter?
« Reply #10 on: April 22, 2005, 10:02:05 AM »
Make sure your lender doesn't have a 3% origination fee.

I found out too late that my undergrad and grad school lender (Educaid) charges this fee. I am actually really pissed about it because my office at undergrad and grad school told me it didn't matter who I picked...so I just went with the one on top! Then I come to find out from the UT Law FA office that my lender is one the ones that does charge this fee. Thanks FA office at ---- and ----! You cost $1440 in extra fees!!! But at least I know better now and I will not be using Educaid for my Law School Loans!

I have had good luck (as a bank) with Wells Fargo. I haven't looked into their student loan deals, but if feasible, I am going to use them.

same here Eliza!  I had no clue...just picked one because they said here..pick one (for UG).  I picked Educaid (think they were through Wachovia, where I bank).  Anyway, now I know!
DON'T GO TO LAW SCHOOL YOU DUMB FUCKS.

Boston24

  • Sr. Citizen
  • ****
  • Posts: 372
    • View Profile
Re: Does the lender really matter?
« Reply #11 on: April 22, 2005, 10:17:18 AM »
I'm on the phone with Bank of America (who UVa recommends) and they say that, though they have a 3% origination fee, you get it back and thensome in the end because they have benefits ofr ontime payments and electronic payments.  Is this just BS?
UVa it is!

maka nani

  • LSD Obsessed
  • *****
  • Posts: 9158
    • AOL Instant Messenger - redsox1079
    • View Profile
Re: Does the lender really matter?
« Reply #12 on: April 22, 2005, 10:19:32 AM »
I think many companies have discounts for on time and online payments...
DON'T GO TO LAW SCHOOL YOU DUMB FUCKS.

Boston24

  • Sr. Citizen
  • ****
  • Posts: 372
    • View Profile
Re: Does the lender really matter?
« Reply #13 on: April 22, 2005, 10:35:45 AM »
I'm thinking I'm going to use Access Group.  They seem to have all the benefits - no fees, on time payment reductions in interest rate, etc.  Has anyone found a drawback to using Access Group or had a bad experience with them?
UVa it is!

ElizaB

  • Sr. Citizen
  • ****
  • Posts: 1178
  • What a sweet face?
    • View Profile
Re: Does the lender really matter?
« Reply #14 on: April 22, 2005, 10:48:53 AM »
I've heard they were good.
Attending: Texas

Javert

  • Sr. Citizen
  • ****
  • Posts: 1612
  • Time.
    • AOL Instant Messenger - Rov47
    • View Profile
    • Spirit of Sisyphus
Re: Does the lender really matter?
« Reply #15 on: April 22, 2005, 11:07:47 AM »
I'm on the phone with Bank of America (who UVa recommends) and they say that, though they have a 3% origination fee, you get it back and thensome in the end because they have benefits ofr ontime payments and electronic payments. Is this just BS?

That's BS; many banks have those discounts. Even if it was true, when you're paying back the money, you won't *need* the money back; you'll be earning a hefty paycheck. You want the money *now*.

And you're welcome Eliza. :). I'm also going to check out Access Group......
Attending: U Texas

"The truth is usually just an excuse for a lack of imagination." -- Garak, "Improbable Cause", Deep Space Nine

risingMC

  • Sr. Citizen
  • ****
  • Posts: 1251
    • View Profile
Re: Does the lender really matter?
« Reply #16 on: April 22, 2005, 04:18:07 PM »
I'm on the phone with Bank of America (who UVa recommends) and they say that, though they have a 3% origination fee, you get it back and thensome in the end because they have benefits ofr ontime payments and electronic payments.  Is this just BS?

Yeah, this sounds like BS. I think accessgroup has all those perks too, and citiassist might as well.

For me it's narrowed down to those two, but since they both use different terminology (one is based on LIBOR, while the other on the prime rate), it's gonna take me some time to figure it out.

Javert

  • Sr. Citizen
  • ****
  • Posts: 1612
  • Time.
    • AOL Instant Messenger - Rov47
    • View Profile
    • Spirit of Sisyphus
Re: Does the lender really matter?
« Reply #17 on: April 22, 2005, 05:00:03 PM »
Attending: U Texas

"The truth is usually just an excuse for a lack of imagination." -- Garak, "Improbable Cause", Deep Space Nine

Oneof2

  • Sr. Citizen
  • ****
  • Posts: 428
    • View Profile
Re: Does the lender really matter?
« Reply #18 on: April 25, 2005, 10:32:37 AM »
bump

Masticatrix

  • Sr. Citizen
  • ****
  • Posts: 120
    • View Profile
Re: Does the lender really matter?
« Reply #19 on: April 25, 2005, 10:42:54 AM »
I'm thinking I'm going to use Access Group. They seem to have all the benefits - no fees, on time payment reductions in interest rate, etc. Has anyone found a drawback to using Access Group or had a bad experience with them?

I was wary of two things I read on the Access group site- I might have misinterpreted, but as I understand it, Access Group charges a "guarantor fee" for the Stafford loans (which can end up equalling an origination fee), and also charges a loan fee at repayment for private loans. 

Attending: Hastings

TigerLoo