myrichuncle.com

[*shell*]

Ok, so i've posted in other threads, but i feel the need to post here again...  just got a phone call from the myrichuncle people... they called to tell me they got my MPN and documentation and my check is being mailed in 2 days!  honestly, these people have been so insanely nice and helpful i can't stress it enough.  loans scare me, numbers and math give me nightmares, these people have made the whole process stress free!  i sound like a f-ing commercial, but whatever.  check them out, but dont do the stuff online, call and do it over the phone (i was denied online but approved over the phone).  i strongly recommend them...and i have a $28000 check on its way to me...wow.   

[pipskicks]

How are their rates?  I don't want a nice and painless signup only to pay an extra 1-3% over the next 20 years.

[StepUpT0theMike]

How are their rates?  I don't want a nice and painless signup only to pay an extra 1-3% over the next 20 years.

Seconded, I'm beginning my loan shopping and am very curious as well.

[dok101]

I received 2.25 points plus LIBOR during the deferral period and 2.90 points plus LIBOR after the deferral period.  I believe there is either a 1% or 1.5% origination fee.  I chose the interest only during deferral period repayment option.  I was approved online and sent in the supporting documentation a couple of days back. 

[Steve.jd]

I received 2.25 points plus LIBOR during the deferral period and 2.90 points plus LIBOR after the deferral period.  I believe there is either a 1% or 1.5% origination fee.  I chose the interest only during deferral period repayment option.  I was approved online and sent in the supporting documentation a couple of days back. 

Sorry but this is a bad rate.

The current LIBOR rate is 5.4% and projected to be well above 6 by this time next year.  So during the deferral period you are (currently) 7.65%, and well over 8 after deferral (and thats before counting LIBOR increases).  Plus an origination fee on a private loan is ridiculous.  Lack of an origination fee on citiassist or w/e is one of their main advantages.  If you are paying that rate, and an origination fee you would be better off with GradPlus.

Just to give you an idea of how fast LIBOR goes up, last year this time it was only 3.8%.  The FED is gonna keep hiking.  Loans that are tied to prime are the way to go, if you go with private.

[dok101]

Thanks for sharing your opinion but I disagree with you about the rate.  The historical 3-month LIBOR over the last 10 years has ranged between 1.110% and 6.838%.  Gradplus is fixed at 8.5%.  I'll take my chances with LIBOR considering its historical trend.     

[lsatflunkie]

Thanks for sharing your opinion but I disagree with you about the rate.  The historical 3-month LIBOR over the last 10 years has ranged between 1.110% and 6.838%.  Gradplus is fixed at 8.5%.  I'll take my chances with LIBOR considering its historical trend.     

Aren't you in accounting dok? 

[UGAfootballfanatic]

It seems no one here remembers what interest rates used to be like 20 years ago. You can say 8% is a high interest rate, and compared to rates right now, it is. But based on historical comparison this is still quite low. If I had the choice, right now I'd take a fixed rate under 9% on the plan that it'll take 10+ years to pay off the loans and rates will continue to fluctuate upwardly. If rates drop significantly, you can always refi.

[Steve.jd]

It seems no one here remembers what interest rates used to be like 20 years ago. You can say 8% is a high interest rate, and compared to rates right now, it is. But based on historical comparison this is still quite low. If I had the choice, right now I'd take a fixed rate under 9% on the plan that it'll take 10+ years to pay off the loans and rates will continue to fluctuate upwardly. If rates drop significantly, you can always refi.

What annoys me more than the fixed 8.5% rate on GradPlus is the origination fee.  A 3% fee on loan of say 40k is 1200 every year, lost to the void...

[whoisjohngalt]

It seems no one here remembers what interest rates used to be like 20 years ago. You can say 8% is a high interest rate, and compared to rates right now, it is. But based on historical comparison this is still quite low. If I had the choice, right now I'd take a fixed rate under 9% on the plan that it'll take 10+ years to pay off the loans and rates will continue to fluctuate upwardly. If rates drop significantly, you can always refi.

What annoys me more than the fixed 8.5% rate on GradPlus is the origination fee.  A 3% fee on loan of say 40k is 1200 every year, lost to the void...

If you do it through some other lenders, they give you the 3% back.  When you say 1200 every year, you just mean each time you take out a loan, correct?  (Not that the same loan would be 1200 each year)