financial aid - PCO

[ny_grl]

Are most of you selecting PCO as your lender ?
if not which lender ?

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[stompy]

PCO lends money to their students?

 

[S_SEEN2020]

I chose PCO as a lender, it seemed convenient.

 

[stompy]

I chose PCO as a lender, it seemed convenient.

How are the rates/terms?

 

[S_SEEN2020]

Pretty decent. There is no processing fee, repayment starts 6 months after graduations, and after 48 consecutive months of on time payments interest is decreased by 2%. You can borrow up to $38,500.

How are the rates/terms?

 

[stompy]

Pretty decent. There is no processing fee, repayment starts 6 months after graduations, and after 48 consecutive months of on time payments interest is decreased by 2%. You can borrow up to $38,500.

1) You can borrow up to the total cost of education for four years? (tutiion + living cost?).

2) Interest is given at what + prime rate?

3) Variable/Fixed?

4) What are the repayment schedule options?

 

[S_SEEN2020]

This is my first time ever having to get a loan for school so I am learning. This is what was on the website, and basically what I was told at my interview. Basically it is the same as applying for any Stafford loan, except for there are certain "perks" PCO can provide as a lender.

PCO’S "School As Lender Program"
PCO students seeking financial assistance with their educational expenses now have an attractive alternative available to them – the PCO-Preferred Loan Program. The most cost-effective Stafford Loan available in the Commonwealth of Pennsylvania, the PCO-Preferred Loan Program is the result of a partnership between PCO, First Union, and the Pennsylvania Higher Education Assistance Agency.

Offering students a wealth of benefits
Improved Processing and Financial Advising
With PCO serving as the sole lender for this program, students enjoy faster turn around times on loan applications and easy accessibility to financial counseling. The PCO- Preferred Loan is also considered an integral financial planning component within the College’s Curriculum for Personal and Professional Development (CPPD).

A 4% Up Front In-School Rebate

Through this loan program, students receive a 3% origination fee waiver, as well as a 1% guarantee fee waiver. In addition, students automatically receive their fee waivers up front from PCO.

Up to 2.25% Interest Rate Reduction During Repayment

Students choosing to have their PCO-Preferred Loan payments withdrawn electronically from their bank accounts during repayment, will receive quarter percent reduction in their interest rate. Plus, borrowers who make their first 48 monthly payments on time will automatically receive an additional 2% interest rate reduction for the remaining term of their loan.

PCO was the first optometric college to offer this program to its students and is already considered one of the top 25 lenders in the Commonwealth of Pennsylvania.

"This program has been met with excellent participation from PCO students," explained Dr. Lawrence McClure, Associate Dean for Student Financial Affairs for PCO. "In addition to providing the students with an attractive financial aid alternative, any profits generated by the PCO-Preferred Loan Program will be retained by the school – directly benefiting the students, faculty, and College. The PCO-Preferred Loan Program is a reflection of the College’s continuing commitment to students’ personal and professional success."

 

[dietcherrycoke]

You guys got your financial aid awards already???? Anyone hear about scholarships?

 

[S_SEEN2020]

I haven't been awarded yet, just did the fasfa, filled out the financial forms they sent us, and applied for my mpn for my loan. I talked to financial aid last week and I was told we will get award letters later on this summer. That's when you should hear about scholarships, also.

You guys got your financial aid awards already???? Anyone hear about scholarships?