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Private Loan help!!!

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jase

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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 :D thanks!
 

cooldreams

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im not POSITIVE on this but the supplemental fees sounds like something that will be taken off of the top of the money you are loaned, which means you will physically and immediately see less money. that is a big point to consider.

I personally would have gone with T.H.E. Northstar if i would have attended this year. they did not have those fees and seemed to have a number of other good points. also something to consider, you do not have to have the apps in before classes start (i dont think) so that may give you some time in deciding what to do.
 

OSUdoc08

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Use T.H.E. for Stafford & for Private Loans

Also ask if you qualify for Perkins Loans
 
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