Financial Aid - help!

[drugdoc]

I'm new to taking out student loans. I've been awarded $xx,xxx from my school. They have given me 7 different options of 'preferred lenders' to select for the Stafford and the GradPLUS loans. I need help!

Does anyone have any advice on how to select the best lender for me? I hope to pay off the $200,000 (after 4 years) within 10 years, so early, I assume...

Another question...How many years is the typical student loan? 10, 15, 30 years??? Or do they figure your monthly payment and then how many years after that?

Thanks, in advance!

---

Members don't see this ad.

 

[Farmercyst]

I'm new to taking out student loans. I've been awarded $xx,xxx from my school. They have given me 7 different options of 'preferred lenders' to select for the Stafford and the GradPLUS loans. I need help!

Does anyone have any advice on how to select the best lender for me? I hope to pay off the $200,000 (after 4 years) within 10 years, so early, I assume...

Another question...How many years is the typical student loan? 10, 15, 30 years??? Or do they figure your monthly payment and then how many years after that?

Thanks, in advance!

I'll move this to the Financial Aid forum, this is their specialty.

 

[omnione]

For Creighton, I chose Wells Fargo simply because I have a checking and credit card account, so I prefer consolidation of my money inflow and outflow.

When you examine the incentives each lender provides on that Creighton webpage you got, you'll find that many of them are about the same given that you plan to pay off your debt in the long-term. Therefore, it's more important to you to research each bank outside of what was presented on that page to figure out all the fine print in repayment, such as fees that may occur under certain conditions.

You do have to remember that estimated cost of attendance figure Creighton provides is an overestimation given that they are giving us a decent allowance for room, board, and transportation. I'm wondering if the health insurance also goes out the window if you waive yet. Of course, that would be compensated with the insurance you get now, but you could likely save money there too. So, it's possible that you could get a small refund that would result in your total amount due after graduation to be less than $200,000.

I'm not a banker or a loan expert, but that's the general direction I'd take first.

 

[drugdoc]

I wish it were going to be less than $200,000, but given that I have a mortgage and utilities, the housing allowance actually doesn't cover me. As well, I'll be lessening my hours at work to under part-time, so I can't waive health insurance

It looks like I'll have to call the few that I think would be best and really pry them open for particulars. Although Wells Fargo does look good since I have my mortgage through them, and I also like having my money not all over the place. Creighton's actually looks good too, with the scholarship our 4th year. And Wachovia looks interesting with their yearly reductions. I think those three I'll look more into.

Hmmmmmmm....!

 

[okbye]

You don't have to use the lenders on the list the school gives you and a lot of the students here have had good luck with Medloans and T.H.E. They seem to be giving much better rates specifically for med student s than any other lender. I bank at Wells Fargo too but they have not been student-friendly in my experience, at all. It's kind of complicated but basically there was a snafu last year that affected a lot of borrowers because of the huge rush of everyone waiting until the last day before rates went up to consolidate which caused a problem with many lenders receiving the payoff request in time. Legally it was up to the lender to decide to accept it or not if it was received after midnight but with the fax overload plenty requests did not go through. Wells Fargo is the only lender that would not accept late requests, taking away the student's ability to consolidate at the lower rate and costing them 2% more. I fought with them for months over it, would not budge. Every other lender (probably a dozen others) took our fax records as proof they were sent on time, just not received, except them. Not a company that puts the student's needs first.

All federal loans are issued on a 10 year term. When you graduate if you consolidate then the term is 10-30 years depending on balance.

 

[omnione]

a lot of the students here have had good luck with Medloans and T.H.E. They seem to be giving much better rates specifically for med students than any other lender.

Yeah, but do they do anything for us pharmacy students?

 

[okbye]

Hmm, I don't know, it just says medical students. http://www.aamc.org/programs/medloans/students/start.htm