"My Rich Uncle"

[highjumper]

Not sure it's risky really. It's humorous and catchy, people will remember it. Kinda like GoDaddy, it's a name that makes no sense compared to its product, but it has appeal and get stuck in people's memory.

Actually the name makes perfect sense.  When poor people need to pay for something, particularly advanced education, they look to a "rich uncle" for help.  This company is effectively the "rich uncle" for those of us that lack a biological equivalent!  This is most definately a real company with real products, but I have no idea how they rate according to other lending institutions.  Who cares anyway?  With all the filthy lucre we'll make as attorneys, we'll be the rich uncle someday!

[Sam P. Huntington]

I've seen this website before. They used to have a different design template (a more professional one, if you ask me), but the company is legit - I have two friends using it. I believe they were profiled in the Wall Street Journal in 2006... something about MIT grads who couldn't get the loans they needed founding it, although I could be completely off-base here with the background info.

[divo72]

I interviewed for a position at MRU -- they are very real, very smart, and surprisingly gorgeous!

The two founders are NYU grads.

[Demigoddess]

Haha, I applied for this way back in undergrad and was basically told in a polite way that my undergrad "sucked," and it's doubtful I could get a job graduating from it, hence they were unable to help me out.

Funny enough, I now have an extremely stable job in public accounting and making 50K+ before the incentive package even kicks in...

Screw them.

[highjumper]

To give a comparison, I just checked on my school's website for the Private Law Loan they show on my financial aid award.  It is offered through Access Group (several, though not all, universities use Access Group).  It seems more generous than MRU.  The rate is the 3-month LIBOR + 2.75 to 3.95, which is currently 7.17% to 8.37%.  They also offer a 20 year amortization with a 9-month grace period.  On a price only basis, it seems like a better product than MRU (although I don't know the origination fee).

[jillibean]

The reason why it's called MRU is because originally it paired up poor college kids like us with rich people who wanted to give away money. The kids, after graduation, had to agree to pay back a certain percentage of their income every month to their "uncle" for a certain period of time.
I don't know when they became a private loan co. but it probably has something to do with stocks, investors, and lack of "uncles"

[DDBY]

I know MRU funds directly too your account, and you can borrow beyond he schools student budget. MRU is also not as restrictive in the use of funds.

[highjumper]

I know MRU funds directly too your account, and you can borrow beyond he schools student budget. MRU is also not as restrictive in the use of funds.

How do you know that they will let you borrow over the school's budget?  When I spoke to them they said they wouln't lend funds above the school's published budget.  The only exception was if the school adjusted your personal budget (for childcare, etc.) and sent a modified budget on your behalf to MRU. 

[DDBY]

I know MRU funds directly too your account, and you can borrow beyond he schools student budget. MRU is also not as restrictive in the use of funds.

How do you don't that they will let you borrow over the school's budget?  When I spoke to them they said they wouln't lend funds above the school's published budget.  The only exception was if the school adjusted your personal budget (for childcare, etc.) and sent a modified budget on your behalf to MRU. 

They didn't say that to me