Choosing a loan lender

[nobodyknows]

Advertisement - Members don't see this ad

Does anyone have any reccommendations as to which lender to choose for loans? I've never borrowed money before so I'm in need for some advice. Especially students planning to attend SCCO, which lender are you going with and why? Thanks.

 

[file014]

I think your school should set up all of that. We use Sallie Mae here at IU. You dont really need to "choose" a lender unless you are talking about private loans or consolidation. Even then I think you can only consolidate with Direct Loans until you are graduated.

 

[cunikki]

Does anyone have any reccommendations as to which lender to choose for loans? I've never borrowed money before so I'm in need for some advice. Especially students planning to attend SCCO, which lender are you going with and why? Thanks.

umm at scco i think you do have to choose; shrug they gave a bunch of paperwork and i have kinda looked through it but im not totally sure which one to choose; i think i am leaning towards student xpress one or the T.H.E. northstar one; the only other one i was really looking at was the medpreferred, which is kinda good cause it takes out 3% origination fee but pays you 4% at the end... both the others have 0% fees... i will prolly go with T.H.E. one just cause right now the 91 day t-bill is a lot lower than the LIBOR index; but yeah i was really confused too; let me know what you think??? thx!
nikki

 

[od2b77]

I'm going with T.H.E too. Mainly because you get some benefit right away vs. several years into repayment as some other lenders offer. Also, I spoke with financial aid counselor about this and she said most lenders don't have any origination or guarantee fees nowdays and that majority of SCCO students go with T.H.E lender. Hope that helps.

 

[nobodyknows]

I looked into T.H.E. Northstar and they seem to have a better deal. You guys should check out their website. What appealed to me was that they will not capitalize interest until repayment.

 

[Guavamanh]

I just had a meeting with Barbara @ scco yesterday and I think she agreed with me that T.H.E. was a good choice. It also depends if you want to play around with the numbers with the rebates and stuff.. but with T.H.E. theres no origination fee upfront.. so you get all of your money first and the bonuses start with the first repayment... you dont have to wait 3 years to start seeing the rebates come into effect like some of the other lenders...

but definitely call/look at the lender's sites because they are all pretty similar, but do have their differences... see you guys in August 😉