MEDCap Loans

[Kovox]

Okay, I am reading up on MedCap

Does anyone have experience with MedCap Loans? My advisor warned me not to borrow from certain groups because I wouldn't qualify for government grants nor deferment.

Correct me if I'm wrong but during school, the interest rate for MedCap Loans is 4.59% and when you're not in school it bumps up to 5.25%?

What is with the whole prime rate thing? Anyone understand it?

Thanks

---

Members don't see this ad.

 

[birdie]

I don't have any experience with medcap, but if you have good credit you may be able to get better interest rates through sallie mae. I just qualified for a private loan at 4.25% (with no origination fees). The prime rate is an interest rate determined by the fed. It changes periodically and is published in the NY times and such. The thing that sucks is that the interest rate is not locked until after you consolidate after graduation.