Law School Discussion

When do they check your credit for loan purposes?

Re: When do they check your credit for loan purposes?
« Reply #10 on: April 22, 2005, 11:08:13 AM »
i heart wachovia

ElizaB

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Re: When do they check your credit for loan purposes?
« Reply #11 on: April 22, 2005, 02:37:29 PM »
Thanks for the responses...

What kind of interest rates are on educational, non-Stafford loans?  I guess it probably depends on your credit...but does anybody know a range?

Also, does anybody know what the total limit on Stafford loans is?  I know it is pretty high, but I already have a lot of loans and they are all stafford sub or unsub...so I want to make sure I'm not getting close.

grad

Re: When do they check your credit for loan purposes?
« Reply #12 on: April 22, 2005, 02:42:44 PM »
Interest rates on your non-stafford loans will fluctuate.  I would say you can expect about 6.5% now going up to a max of 8.25% I believe.  The total limit on stafford loans is 23k as an undergrad and 138,500 as a grad, of which no more than 65,500 can be subsidized.

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Re: When do they check your credit for loan purposes?
« Reply #13 on: April 22, 2005, 02:58:35 PM »
about 8 percent for private loans. total stafford limit is abou 200K, although i'm not sure what the grad school limit is.

ElizaB

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Re: When do they check your credit for loan purposes?
« Reply #14 on: April 22, 2005, 03:02:22 PM »
Well that is a relief!  I'm not even close to those numbers!

Good grief those interest rates are high!  My current stafford loans are 2.25% and even my car is only like 5%.  I will be taking out as few of these loans as humanly possible!

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Re: When do they check your credit for loan purposes?
« Reply #15 on: April 22, 2005, 03:08:11 PM »
gov't backed loans are awesome that way.  keep in mind though that a lot of private lenders lower the rate on you loan once you fulfill various payment obligations; e.g. don't miss a payment for 24 months, 48 months, etc., pay through direct deposit....

Re: When do they check your credit for loan purposes?
« Reply #16 on: April 22, 2005, 05:40:44 PM »
Does anybody know what the prime rate is?

LaneSwerver

Re: When do they check your credit for loan purposes?
« Reply #17 on: April 22, 2005, 05:49:45 PM »
Does anybody know what the prime rate is?

5.750

EDIT: I should add that's the WSJ prime rate.

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Re: When do they check your credit for loan purposes?
« Reply #18 on: April 22, 2005, 06:01:21 PM »
check out myfico.com for info about how your credit score is calculated.  It's information straight from the horse's mouth...

http://www.myfico.com/CreditEducation/Default.aspx?fire=5

Re: When do they check your credit for loan purposes?
« Reply #19 on: April 24, 2005, 09:43:57 AM »
Interest rates on your non-stafford loans will fluctuate. I would say you can expect about 6.5% now going up to a max of 8.25% I believe. The total limit on stafford loans is 23k as an undergrad and 138,500 as a grad, of which no more than 65,500 can be subsidized.

i have 38k in stafford loans as an UG....it is limited for subsidized but you can take out over 23k in unsubsidized if you want.