loans

[poofy83]

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Hey -

I was wondering what lender people generally use to get the Stafford Loan. What exactly should I be looking for when searching for a lender? Also, are there any companies/bank you guys recommend avoiding? Thanks.

 

[Sprgrover]

Hey -

I was wondering what lender people generally use to get the Stafford Loan. What exactly should I be looking for when searching for a lender? Also, are there any companies/bank you guys recommend avoiding? Thanks.

Stafford loans come from the federal government. You apply via the financial aid office at your school and they disperse the funds for you.

 

[crazy_sherm]

Stafford loans come from the federal government. You apply via the financial aid office at your school and they disperse the funds for you.

It's true that the loans originate from the fed government, but you still have to choose an agency to administer the the loan. I've heard good things about T.H.E/Northstar. I think I'll either go with them or AccessGroup. One thing to really watch for is to make sure there are no origination and guarantee fees, that way you get the full Stafford loan amount. Definitely talk to your school financial aid dept if you have questions. They, however, are not allowed to choose the lender for you, only give you the information and let you decide.

 

[ISU_Steve]

Good info Sherm. You sound like you've worked in an FA office or something......thank you for sharing what you know.

 

[Dentalhopeful]

well since we are having a Q & A on financial aid, I have a question. What exactly is the EFC? My EFC is 38...what does that number mean? IS that the amount that my family can contribute or is it a number on a scale that each school uses to determine the amount of money you are eligible for?

 

[ISU_Steve]

EFC= Expected family contribution. The amount of money you have to come up with on your own.

 

[Dentalhopeful]

so does that mean that I have to come up with $38.00 on my own...my EFC is 38... 😱 👍 👍

 

[ISU_Steve]

Uh, you wish. I think it's either 38% of your total tuition or $38,000. I'm not sure which. Ask your FA advisor. They could tell you.

 

[45540]

I used Total Higher Education / THE

 

[angeeeeee]

Uh, you wish. I think it's either 38% of your total tuition or $38,000. I'm not sure which. Ask your FA advisor. They could tell you.

Not sure about that..I think it is 38 bucks. My EFC for this year undergrad was like 4100 or something (not 4100%)

 

[ISU_Steve]

Then he got really lucky. 🙂

 

[angeeeeee]

Then he got really lucky. 🙂

totally agree! I'm jealous!! Hopefully mine is ZERO...I don't even have 38 bucks!

 

[drat]

It's $38...My EFC is ridiculous and I won't post the # because it depresses me.

 

[JavadiCavity]

I got lucky. My EFC is zero.

 

[onetoothleft]

I just got off the phone with my financial aid advisor who helped me make sense of my award. My Family/self contribution was about 12000 or something. She said that I can replace that number with the rest of the stafford amount, then with private loans (which ended up being the same lender--THE) So I had 8500 Staff/Sub.; 32200 Staff/UnSub.; some little other loans like Perkins, scholarship, etc.; and I had like 8000 left to be covered by THE as a non stafford loan. All that totaled the 62xxx dollars that is our budget.

I thought I would include this post so that everyone can see an example of what my (a typical student with no parental contribution) loans look like for this first year.

 

[ljca]

Check and see if the school has a list of preferred lenders. Also, watch out for 3% origination fees... some lenders waive this!

 

[billiken10]

I'm really confused now. Have all of you already gotten your FA award packages already? I filed my FAFSA and filled out my financial aid app pretty quickly. Should I expect to get this thing pretty soon? Or is it possible that I will be waiting til about a week before school starts in Aug.? 😱

 

[onetoothleft]

I'm really confused now. Have all of you already gotten your FA award packages already? I filed my FAFSA and filled out my financial aid app pretty quickly. Should I expect to get this thing pretty soon? Or is it possible that I will be waiting til about a week before school starts in Aug.? 😱

you should call and ask. you are not in trouble until like July, but those students who wait too long might not have the options and availability as those who get it in early--especially university scholarships.