Hi there, I'm starting my first year at NYCOM in August. At that school the federal money from the Stafford Loan doen't cover all of the projected expenses for the upcoming year. I have to take out a private loan and was wondering what companies you guys are borrowing money from. Right now I'm looking at Medloans and Medfunds. I'm seeing a lot of terms that I don't understand such as Prime Rate(Medloans) and LIBOR(Medfunds). The breakdown of the interest rates are as such:
Medloans In school interest rate= prime rate+0%
Medfunds Inschool interest rate=LIBOR+2.9%
Medloans repayment rate=Prime Rate + 1.25% [This assumes that the borrower takes advantage of MEDLOANS Direct RepaySM and MEDLOANS RewardsSM. Otherwise, the interest rate is Prime + 2%. See Borrower Benefits.]
Medfunds repayment rate=10 year: LIBOR + 3.00%
15 year: LIBOR + 3.25%
25 year: LIBOR + 3.75%
medfunds has a 0% supplimental fee while medloans has the same fee of 1.5%
I realize that these loans depend on credit but that being equal between the two one of them should be offering a better deal among all of that garble. Ohh yeah i took out my Stafford with Medfunds b/c it was an obvious better deal for me...should i call them up and try to get a deal since I'm already working with them? I would love it if someone could break all this down for me thanks!
Medloans In school interest rate= prime rate+0%
Medfunds Inschool interest rate=LIBOR+2.9%
Medloans repayment rate=Prime Rate + 1.25% [This assumes that the borrower takes advantage of MEDLOANS Direct RepaySM and MEDLOANS RewardsSM. Otherwise, the interest rate is Prime + 2%. See Borrower Benefits.]
Medfunds repayment rate=10 year: LIBOR + 3.00%
15 year: LIBOR + 3.25%
25 year: LIBOR + 3.75%
medfunds has a 0% supplimental fee while medloans has the same fee of 1.5%
I realize that these loans depend on credit but that being equal between the two one of them should be offering a better deal among all of that garble. Ohh yeah i took out my Stafford with Medfunds b/c it was an obvious better deal for me...should i call them up and try to get a deal since I'm already working with them? I would love it if someone could break all this down for me thanks!