Law School Discussion

What sort of rates did everyone get on their private loans?

dbgirl

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Re: What sort of rates did everyone get on their private loans?
« Reply #40 on: June 12, 2005, 11:07:26 PM »
Eliza my tuition and fees are $11,000 per semester, not per year. Don't worry, I'm not luckier than you  ;)
I'm going to UC Hastings. From what I hear UC schools used to be fairly cheap. Not so much anymore.

wanderingalaskan

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Re: What sort of rates did everyone get on their private loans?
« Reply #41 on: June 13, 2005, 07:41:46 PM »
I have a 760 credit score and Access still wants me to pay LIBOR +3.75%. I think they are crazy and won't go with them out of spite. What does it take to get +2.55%?
I have the same frustration as my score is much higher yet and I was still lumped into the 3.75% group.  When I called to ask why, they would not reveal either their specific reason for excluding me or the numerical cutoff for the best interest rate.  I have elected to apply to T.H.E. and see what they provide, and I will switch my private lender if necessary.

SleepyGuyYawn

Re: What sort of rates did everyone get on their private loans?
« Reply #42 on: June 13, 2005, 07:50:25 PM »
Check with Sallie Mae too. 

Re: What sort of rates did everyone get on their private loans?
« Reply #43 on: June 13, 2005, 07:55:46 PM »
I have a 760 credit score and Access still wants me to pay LIBOR +3.75%. I think they are crazy and won't go with them out of spite. What does it take to get +2.55%?
I have the same frustration as my score is much higher yet and I was still lumped into the 3.75% group.  When I called to ask why, they would not reveal either their specific reason for excluding me or the numerical cutoff for the best interest rate.  I have elected to apply to T.H.E. and see what they provide, and I will switch my private lender if necessary.
I am going with THE too. Access offers no incentives. They could not have looked at much more than the score since they gave me a decision online within seconds.

SleepyGuyYawn

Re: What sort of rates did everyone get on their private loans?
« Reply #44 on: June 13, 2005, 10:15:09 PM »
If I were you, I would check out some other companies (other than just Access and THE). 

ElizaB

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Re: What sort of rates did everyone get on their private loans?
« Reply #45 on: June 14, 2005, 04:53:19 PM »
Eliza my tuition and fees are $11,000 per semester, not per year. Don't worry, I'm not luckier than you  ;)
I'm going to UC Hastings. From what I hear UC schools used to be fairly cheap. Not so much anymore.

Oh, sorry! My bad.

bruin

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Re: What sort of rates did everyone get on their private loans?
« Reply #46 on: June 27, 2005, 04:26:13 PM »
LIBOR+2.60%, through BoA-GATE

Kait

Re: What sort of rates did everyone get on their private loans?
« Reply #47 on: June 27, 2005, 09:57:19 PM »
I just applied for my private loan through Sallie Mae. I got prime minus .25% with my credit, which has no blemishes but is only two years old. I'm also carrying a balance of about $800 of a $1500 credit limit on my only credit card, so I was pretty pleased with the rate.

The loan also included a 3% repayment fee, which I was told will not apply if I add a cosigner to my loan (I plan to).

dsmit56 - from what I gathered from my conversation with someone at Sallie Mae, the repayment fee is charged on the entire amount of your loan just before you make your first payment after graduation/the grace period.

I do not plan to pay the interest on my loan while in school, so that interest will accumulate and additional interest will be charged on not only the original principal but also the deferred interest that has been accruing over the years. So by the time I get around to paying my loan, the amount will be quite a bit and saving 3% of that total amount will be a good deal of money - therefore I'm going with a cosigner.

For those who are interested, I thought the people at Sallie Mae were pretty helpful and that the loan rates/terms seemed very fair.

onepoint

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Re: What sort of rates did everyone get on their private loans?
« Reply #48 on: June 27, 2005, 10:19:22 PM »
accessgroup: LIBOR + 3.75% (requested from experian)
sallie mae: PRIME + 1% w/ 3% repayment fee (requested from equifax)

experian: 767
equifax: 799

i can't figure it out, unless it has something to do with the school i'm attending?

SleepyGuyYawn

Re: What sort of rates did everyone get on their private loans?
« Reply #49 on: June 27, 2005, 10:22:39 PM »
Yea, I think Sallie Mae is pretty good; I went with them when I consolidated my undergrad loans.

But I went with Access group for my law loans.  I got the 3.75% plus LIBOR.

I think LIBOR is a bit better of a bet than prime, because when interest rates go up, an interest rate based on libor will go up less -- because less of the overall rate is variable.

Onepoint:  if I were you, I'd go with Access Group -- even if Sallie Mae wasn't making you pay a 3% repayment fee, I'd go with Access.