Best Lender for med sch

[almostin]

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.

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[bretticus]

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.

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. 🙂

 

[Doctor~Detroit]

i think the best lender is the one your school recommends. your financial aid officer will silently thank you when he receives his kickback.

 

[bretticus]

i think the best lender is the one your school recommends. your financial aid officer will silently thank you when he receives his kickback.

Haha, true.

In that case, Vandy recommends both, so I guess I'm good to go. 😉

 

[okbye]

i think the best lender is the one your school recommends. your financial aid officer will silently thank you when he receives his kickback.

That is funny and sad at the same time.

 

[docbest]

i think the best lender is the one your school recommends. your financial aid officer will silently thank you when he receives his kickback.[/QUOTES]

Sadly, my school gave us a list of five lenders with the exception of medloans and THE. What do I do in that case?

 

[Anastasis]

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. 🙂

I think I'm going with medloans... ugh. I hate Sallie Mae with a passion but it IS the better deal 🙁

 

[okbye]

i think the best lender is the one your school recommends. your financial aid officer will silently thank you when he receives his kickback.[/QUOTES]

Sadly, my school gave us a list of five lenders with the exception of medloans and THE. What do I do in that case?

You have no obligation to use a lender your school recommends, it is federal law that you can use anyone you choose. They are not allowed to give you a hassle over it or delay your loans in any way. With all the scandal over the preferred lender list going on now they're highly unlikely to try anyway.

 

[bretticus]

Helpful page: http://www.finaid.org/loans/studentloandiscounts.phtml

 

[Dr.Inviz]

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??)