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Graduate Leverage Lender

Discussion in 'Financial Aid' started by catytweety, May 3, 2007.

  1. catytweety

    catytweety Member
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    Hey everyone,
    I will be a first year dental student starting this fall and was wondering if anyone on this forum went with Graduate Leverage for their Stafford and Grad Plus loans... They are fairly new but seem legit.
    Anyone have any feedback about them?

    Thanks!
    -C
     
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  3. zedpol

    zedpol Senior Member
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    I consolidated with them and they have been awesome so far. Easily reachable, knowledgeable staff, good consolidation deal and the best part is they make everything really really easy for you.

    -z
     
  4. martin73

    martin73 Membership Revoked
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  5. catytweety

    catytweety Member
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    Thanks zedpol - I actually decided on choosing them as my lender. Their customer service is outstanding!:D
    Glad to hear it's going well for you!
     
  6. c.bear

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    I have used them too. Very good so far.
     
  7. bretticus

    bretticus Neuroradiology fellow
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    I'm an incoming med student, and I went ahead and did the free assessment. The rates they're quoting would be good during school, but I think MedLoans from SallieMae still wins if you assume you'll make the payments on time, use ACH, etc. They list SallieMae on the lender comparison, but you can tell the terms are different from MedLoans.

    I'm still a bit unsure though, because I used the same calculator for THE, and THE came out ahead even though it's not as good on their chart (though it is their chart). Do any of you know whether interest is capitalized yearly or once?
     
  8. edubbs5

    edubbs5 Junior Member
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    Interest Capitizilization varies by lender - usually I think it happens when the the loan changes statuses - with THE it only happens when the loan goes into repayment (normally only once per borrower).
     
  9. bretticus

    bretticus Neuroradiology fellow
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    I know, I was referring specifically to Graduate Leverage. Do you know what their capitalization is? I think MedLoans is just once like THE, but if GL is annually, then I'm almost positive it's not as good of a deal.
     
  10. okbye

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    ^I called them up, it is capitalized at the end of the deferal or forbearance period, so once.
     
  11. Astrithir

    Astrithir Member
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    I called them up as well, and they said the interest was capitalized annually.
     
  12. lvScRb23

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    I have read a lot about graduate leverage selling their loans to other companies...then the new companies don't honor the discounts that GL offered.
     
  13. emeddo

    emeddo OMS
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    Where have you read this? I have been speaking with them directly and they told me yesterday that they have it in their contract that the loans cannot be sold by the initial lender, in fact that is their whole point is that your benefits are in the contract with them, everyone else can remove them as soon as they've hooked you (and don't think they won't, the servicer I signed up with last year has already removed all the benefits that I signed up with them for intially, which is why I am looking to change).
     
  14. tryingagain

    tryingagain Soon to have no life
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    I agree. That is what they told me yesterday as well.

    I ended up consolidating with them as their reputation is very good and their benefits were incredible. They were able to consolidate all of my loans and get me an interest rate of 2.875% after I meet their criteria for on-time payments.

    I don't know where else you are going to beat that. To the OP I would like to see where you have been reading/hearing that they have been selling their loans to other companies.
     
  15. okbye

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    Ah, the joys of phone room personnel. It's a shame you have to ask a couple different people to make sure they're giving you the correct answer. That's pretty common with larger companies though.
     
  16. c.bear

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    GL does use a different servicer each year. But they have a very detailed contract with them. But fyi this year, for those of us consolidating (not sure about the rest),they will be servicing their own loans.
     
  17. bretticus

    bretticus Neuroradiology fellow
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    I think I'm going to go with MedLoans. It's the best deal I can find, assuming I'm doing the calculations right. Sallie Mae == the Devil, but oh well...
     
  18. VuDOo

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    In 2006, I consolidated my first 3 years of loans with Graduate Leverage and haven't had any problems.

    I went with T.H.E. for my 4th year and won't consolidate them now that the interest rate is fixed. Based on the research that I did last year, T.H.E. is as good as it gets for new loans.
     
  19. TMP-SMX

    TMP-SMX Senior Member
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    What are their terms? Maybe I'm blind but I don't see their benefits written on their site.

    As of this year, I don't see how THE is any better than Medloans for stafford if you do auto debit and make every payment. (I know it is easier said than done). The other I'm looking at is citibank. I don't plan on consolidating as I have no loans as of now and will only have the four years of med school to worry about. I also don't forsee better interest rates anytime soon. Each loan is a little bit different and has different benefits.

    THE, Medloans, and Citibank have no fees (origination or default)

    THE gives you a 1.3% interest rate reduction when you enter repayment giving you a final percentage of 5.5% unless you have a delinquent account. After that you can get it back when it is made current. I do know that something like 95% of individuals get the benefit. Problem is you don't get any reduction during school. If you are an individual that is going to go all the way until fellowship you are still getting interest on your unsubsidized loans.

    Medloans gives you a 0.3% reduction for unsubsidized loans during school and deferment, 1% reduction after repayment but if you lose it once and get it back after 24 payments you can't get it back again, and 0.75% off for autodebit coming to a potential rate of 4.75% as long as you pay on time.

    Citibank waives the final 6 payments of the loan if you make every payment on time (unlikely to happen), 1% rate reduction after graduation, 0.25% reduction for auto debit, and unlimited ability to regain lost benefits (except the first one I assume). It comes to 5.55% or potentially I don't know how many thousands of dollars for the last 6 payments.
     

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