Best Private Loans??

[boyhoosier]

I'm kind of wondering what the best private loans are as well.  I'll be attending UNC next year, and they recommend Salliemae and Accessgroup.  What kind of interest rates can I expect?

[*shell*]

anyone know anything about www.myrichuncle.com loans?  what's the deal with these?

[Slow Blues]

I got a good rate from CitiBank. Are you a member of a credit union? They usually have good rates on loans.

What is this "good rate" of which you speak?

Well, my credit union offers student loans at 6.75% fixed. This is more or less equivalent to the rate I got at Citibank, except mine is floating.

floating as in variable?

Yes, it's Prime less one percent.

[terralily]

anyone know anything about www.myrichuncle.com loans?  what's the deal with these?

 I did some reading on them a while back.  They seem to be supported by some knowledgable backers, but the primary guys behind seem a little young.  Its not a bad thing necessarily because they have consultants that have been around the block but it is something to consider.  That and they don't have the connections with the schools like some other institutions do. So you risk not getting you money as quickly as with other institutions.


Side note: Does anyone know why schools have prefered lenders...Somebody told me that they process the paperwork for those loans before others...is this true? Seems kinda fishy.

[*shell*]

ok, myrichuncle approved me, and i was approved as a sole borrower...im in shock!  they've been very very helpful, i keep calling with questions and such.  they emailed me the forms, i just have to read, sign, send, and they send the check directly to me.  they're making it very easy and everyone i've dealt with over the phone has been wicked friendly.

[terralily]

ok, myrichuncle approved me, and i was approved as a sole borrower...im in shock!  they've been very very helpful, i keep calling with questions and such.  they emailed me the forms, i just have to read, sign, send, and they send the check directly to me.  they're making it very easy and everyone i've dealt with over the phone has been wicked friendly.

What kind of interest rate did they quote you?

[*shell*]

variable interest rate, it changes quarterly...something about "on each change date following the first Advance and during yoru Deferral Period, we will calculate your new rate of interest by adding 2.25% to the current index, we will round the result of the addition to the nearest one eighth of one percentage point.  this rounded percentage will be the new rate of interest until the next Change Date."

Current Index:  "from the date of this Note, the rate of INterest will be based on an Index, the Index is the three month us dollar-denominated deposits of the london interbank offering rates as published in the wall street journal newspaper...etc etc."

i can quote more of my MPN if you want, but its 10 pages long

[HippieLawChick]

ok, myrichuncle approved me, and i was approved as a sole borrower...im in shock! they've been very very helpful, i keep calling with questions and such. they emailed me the forms, i just have to read, sign, send, and they send the check directly to me. they're making it very easy and everyone i've dealt with over the phone has been wicked friendly.

That's awesome!  Did you get a discount for "merit" as the site calls it?  I was reading some articles about the site, and they are supposed to give a discount for academic merit. 

[*shell*]

i think the merit part of it is based on gpa in law school, because there was an option on the form for "im not enrolled yet and don't have a gpa"  though when i talked to them on the phone they asked if i wanted to include my undergrad gpa, which i did, so that might have helped.

[whoisjohngalt]

i think the merit part of it is based on gpa in law school, because there was an option on the form for "im not enrolled yet and don't have a gpa"  though when i talked to them on the phone they asked if i wanted to include my undergrad gpa, which i did, so that might have helped.

I had read somewhere that their loans are fixed as a % of your income, so they have lower "rates" for successful people (future lawyers, MDs, etc) that they can then make up because they will be drawing on your salary.  This is just what I've heard, I haven't been able to confirm it anywhere...