Law School Discussion

So who did everyone end up going with for their loans?

St. Shaun

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Re: So who did everyone end up going with for their loans?
« Reply #10 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.

bruin

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Re: So who did everyone end up going with for their loans?
« Reply #11 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.

Re: So who did everyone end up going with for their loans?
« Reply #12 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.

Re: So who did everyone end up going with for their loans?
« Reply #13 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. 

St. Shaun

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Re: So who did everyone end up going with for their loans?
« Reply #14 on: May 20, 2005, 12:01:17 PM »
They don't need to check your credit for staffor loans because there government backed.

Re: So who did everyone end up going with for their loans?
« Reply #15 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...

Re: So who did everyone end up going with for their loans?
« Reply #16 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...

Re: So who did everyone end up going with for their loans?
« Reply #17 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.

Re: So who did everyone end up going with for their loans?
« Reply #18 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...

king

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Re: So who did everyone end up going with for their loans?
« Reply #19 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.