Law School Discussion

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

Re: So who did everyone end up going with for their loans?
« Reply #20 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. 

_____

  • ****
  • 535
    • View Profile
Re: So who did everyone end up going with for their loans?
« Reply #21 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...

St. Shaun

  • ****
  • 885
  • Yes, I am this pretty.
    • View Profile
    • Email
Re: So who did everyone end up going with for their loans?
« Reply #22 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.

Re: So who did everyone end up going with for their loans?
« Reply #23 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.

Re: So who did everyone end up going with for their loans?
« Reply #24 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.

Re: So who did everyone end up going with for their loans?
« Reply #25 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?

St. Shaun

  • ****
  • 885
  • Yes, I am this pretty.
    • View Profile
    • Email
Re: So who did everyone end up going with for their loans?
« Reply #26 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.

lex19

Re: So who did everyone end up going with for their loans?
« Reply #27 on: May 23, 2005, 03:41:30 PM »
does anyone know a lender that only checks your experian credit report??

Re: So who did everyone end up going with for their loans?
« Reply #28 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.

lex19

Re: So who did everyone end up going with for their loans?
« Reply #29 on: May 23, 2005, 04:08:37 PM »
thanks supernga....not looking forward  to this process at all