SDN members see fewer ads and full resolution images. Join our non-profit community!

Best Lender for med sch

Discussion in 'Financial Aid' started by almostin, Apr 29, 2007.

  1. almostin

    almostin 2+ Year Member

    Feb 11, 2007
    I need help choosing a lender. I narrowed my search down to medloans and THE - based on previous posts.
    I would like to know what you guys use and how you decided. Any suggestion(s) will be appreciated.

    Thanks in advance.
  2. SDN Members don't see this ad. About the ads.
  3. bretticus

    bretticus Neuroradiology fellow 10+ Year Member

    Jul 13, 2006
    Heh, you've come to same conclusion as me. From what I can gather, Medloans gives you a better rate in the end, but you have to do auto-debit. It's also harder to get the rate back if you miss a payment.

    If anybody else has figured it differently or would like to suggest a better lender, please do. :)
  4. Doctor~Detroit

    Doctor~Detroit this poll sux!!! 2+ Year Member

    May 9, 2006
    i think the best lender is the one your school recommends. your financial aid officer will silently thank you when he receives his kickback.
  5. bretticus

    bretticus Neuroradiology fellow 10+ Year Member

    Jul 13, 2006
    Haha, true.

    In that case, Vandy recommends both, so I guess I'm good to go. ;)
  6. okbye

    okbye 2+ Year Member

    Apr 13, 2007
    That is funny and sad at the same time.
  7. docbest

    docbest 7+ Year Member

    Aug 21, 2006
  8. Anastasis

    Anastasis caffeinated for safety Moderator Emeritus 10+ Year Member

    Feb 20, 2005
    I think I'm going with medloans... ugh. I hate Sallie Mae with a passion but it IS the better deal :(
  9. okbye

    okbye 2+ Year Member

    Apr 13, 2007
  10. bretticus

    bretticus Neuroradiology fellow 10+ Year Member

    Jul 13, 2006
  11. Dr.Inviz

    Dr.Inviz Banned Banned

    Oct 1, 2006
    These are the school's preferred lenders:

    Chela Powered by
    Nelnet Health
    Solutions 833853 0% origination fee
    1.5% interest rate reduction that takes effect when the borrower enters repayment (everyone qualifies and it's automatic). The only requirement is that the borrower has to have $7500 or more as their loan balance.
    .25% interest rate reduction for auto-debit (ACH) payments.

    T.H.E. 833529 0% origination fee
    0% default fee
    A 1.3% T.H.E. Bonus immediately when repayment begins – Over 95% of T.H.E. borrowers receive this benefit!
    Excellent Customer Service – Our experienced Customer Service experts provide a single point of contact

    Chase 803000 Origination Fee: 0%
    Guarantee Fee: 0%
    0.60% interest rate reduction for payments made automatically from a checking or savings account (ACH)
    1.0% interest rate reduction after the first 12 scheduled on-time payments
    Additional 1.0% interest rate reductions after the first 36 scheduled on-time payments
    Students keep the two 1% interest rate reductions permanently after making the first 48 consecutive payments on time

    EdAmerica 831453 Zero origination fee
    Zero default fee
    1% interest rate reduction at graduation
    Additional 0.25% interest rate reduction for auto debit payments
    1% reduction of original principal balance after first 12 on-time payments
    1% reduction of original principal balance after next 12 on-time payments
    Life-of-loan servicing through Edfinancial Services in Knoxville, TN (loans are never sold)
    Benefit recovery program available

    Med Loans 522583 Borrower Benefits are in the form of Interest Rate Reductions (IRR):1

    0% Origination Fee
    0.03 percentage point IRR on unsubsidized loans, awarded at 1st disbursement and available during uninterrupted periods of in-school, grace and approved deferment status.
    1.00 percentage point IRR after the 1st on-time payment.
    0.75 percentage point IRR for ACH payments (auto-debit).
    "Back on track" policy: A borrower who fails to make any single payment as initially scheduled can re-earn the 1.00 percentage point IRR on Stafford Loans by making the next 24 payments by the due dates as initially scheduled.*

    1Stafford Loan benefits are available on Stafford Loans first disbursed July 1, 2007 through June 30, 2008 and serviced by Sallie Mae. The 1.00 percentage point interest rate reduction is awarded after the borrower signs up before repayment to receive account information by email and makes the first payment by the due date as initially scheduled – this benefit is retained during active periods of repayment for as long as the borrower pays as initially scheduled. *Benefit reinstatement may only occur once.

    According to the above, which is the best? I'm thinking T.H.E. but not absolutely sure. In addition, is there any better lender options outside of the preferred list above (or in general??)

Share This Page