Law School Discussion

"amount requested"

onepoint

  • ****
  • 598
  • three down.
    • AOL Instant Messenger - nikepr0be
    • View Profile
"amount requested"
« on: June 27, 2005, 07:07:26 PM »
i assume this is a year-by-year basis?  in other words, i'm only requesting the private loan to fulfill my cost of attendance for one year?

edit: i guess a simpler way to phrase this is "will i have to re-apply for private loans next summer when i have to re-apply for my federal stafford loans?"  i think that sums it up.

J D

  • ****
  • 1386
  • Lust isn't one of the 7 Deadly Sins for nothing...
    • View Profile
Re: "amount requested"
« Reply #1 on: June 27, 2005, 08:36:08 PM »
Yes, and yes.  This confused me, too, at first (I actually made a mistake on the application!), but everything worked out (school has to certify anyway; I called them, and they corrected it).  :D

onepoint

  • ****
  • 598
  • three down.
    • AOL Instant Messenger - nikepr0be
    • View Profile
Re: "amount requested"
« Reply #2 on: June 27, 2005, 08:40:09 PM »
wonderful, thanks for the response.  i filled it out as one-year's worth, then started second guessing myself.

so far accessgroup gave me LIBOR + 3.75, and sallie mae has offered Prime + 1%.  bleh.  i'm going to check citi tomorrow.  i'm going to have to pull my credit report again and see what's up, i thought i was doing pretty well.

onepoint

  • ****
  • 598
  • three down.
    • AOL Instant Messenger - nikepr0be
    • View Profile
Re: "amount requested"
« Reply #3 on: June 27, 2005, 09:29:57 PM »
my credit score is 799 according to equifax, and 767 with experian.  am i doing something wrong here?

J D

  • ****
  • 1386
  • Lust isn't one of the 7 Deadly Sins for nothing...
    • View Profile
Re: "amount requested"
« Reply #4 on: June 27, 2005, 10:07:14 PM »
How do you mean?  Each credit bureau will calculate your credit score in a different way; getting significantly different scores between buraeus is not uncommon.

If you're referring to you not getting the best rate from Access Group, well, from what I've been hearing, very few have, even with excellent credit.  I went with them anyway; the rate isn't that bad, considering the loan is unsecured.  But you could probably save some money by shopping around.  Just watch out for fees (Access Group has none, big reason why I went with them).

onepoint

  • ****
  • 598
  • three down.
    • AOL Instant Messenger - nikepr0be
    • View Profile
Re: "amount requested"
« Reply #5 on: June 27, 2005, 10:13:13 PM »
no, i'm not referring to the difference in scores.

i assumed with solid credit scores i'd be eligible for better rates.  a poster in another thread just received PRIME -.25% from sallie mae.  sallie mae requested my file from equifax, according to their report.

does this mean the previously mentioned poster scored between my 799 equifax-delivered score and the maximum 900?  a 1.25% difference seems substantial.

Re: "amount requested"
« Reply #6 on: June 28, 2005, 02:40:11 AM »
Many times the rates are based on which school you are attending. Some people are getting Prime+0% from Citibank, but through my school they offer Prime+.25% as their lowest. Does your school list a range on their website? Are you choosing your school's preferred lenders?

Erin

Re: "amount requested"
« Reply #7 on: June 28, 2005, 10:29:37 AM »
my credit score is 799 according to equifax, and 767 with experian.  am i doing something wrong here?

no

sita

Re: "amount requested"
« Reply #8 on: June 28, 2005, 11:06:04 AM »
Another thing to keep in mind is to request an amount that is higher then you think you will need to cover tuition increases, etc.  I screwed that one up. The 2005-2006 cost of attendence has not been released by my school yet and I didn't think to apply for more then the 2004-2005 COA.  Now I have to apply for another loan for an additional $5,000 or so to cover the changes to the COA for 2005.  Blah

onepoint

  • ****
  • 598
  • three down.
    • AOL Instant Messenger - nikepr0be
    • View Profile
Re: "amount requested"
« Reply #9 on: June 28, 2005, 01:06:01 PM »
my COA was given to me, along with what i'll need to borrow (minus my EFC).  both loans i've checked so far said they would "check" with my school to confirm the amount allowed.