OK I know there are some threads already out there about this but I was specifically asking about the Discover Health Professions Loan. It boasts interest rates between 3.25 and 6.75 (lower than the 6.8 Stafford Loan). You can take out full tuition, no origination fees, etc....Now with the government reporting that interest rates will freeze through 2014, would this private loan be a better play than the federal loan? Anyone who is in dental school now that took out private loans?
Federal vs. Private Loans
- Thread starter bjenks
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this looks pretty good assuming it can't go higher than 6.75%. I averaged it out and would assume a 5% interest fee which is still dirt cheap when you compare it with other loans. I'm just learning about all of these procedures since i've never taken out loans. These loan companies are very sneaky and tend to really nail you financially so its really important to review all the docs, #s and %s carefully to make sure you dont get sucked down into a financial hellhole.
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federal >>>>> private
Private will eat you alive if you're not careful. At least with federal, you know they're not trying to scam you. Everything is laid out like it is and almost everyone takes the federal loans for school. I don't trust anything that says variable interest rate.
I'm fairly certain the government freezing interest rates has nothing to do with private school loans.
Private will eat you alive if you're not careful. At least with federal, you know they're not trying to scam you. Everything is laid out like it is and almost everyone takes the federal loans for school. I don't trust anything that says variable interest rate.
I'm fairly certain the government freezing interest rates has nothing to do with private school loans.
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I know federal loans are our best option when it comes to paying for dental school. However, for the Federal Direct Stafford Loan unsubsidized, there's a limit of ~$40,000 per academic year. If someone needs to borrow more than this amount to cover all costs, what loans do dental students typically take out?
I do know about the Federal Graduate PLUS loan but that has a fixed interest rate of 7.9% with a 4% net origination fee. Does anyone know of any private loans that might have a lower interest rate than 7.9%? Some private loans seem to have variable rates that have a large range.
I do know about the Federal Graduate PLUS loan but that has a fixed interest rate of 7.9% with a 4% net origination fee. Does anyone know of any private loans that might have a lower interest rate than 7.9%? Some private loans seem to have variable rates that have a large range.
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The government got into the loaning business because it is a goldmine.
I agree that variable interest rates are a no-go but it seems to me that there would be better deals out there offered by private companies looking to make a profit.
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Private lenders typically require a cosigner. Stick with federal if you can.
