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Private Loan Questions (non-certified by school)

Discussion in 'Financial Aid' started by MDizzy, Apr 13, 2007.

  1. MDizzy

    MDizzy 2+ Year Member

    64
    0
    Feb 18, 2007
    I found a lending site for a private loan for health professionals at:

    www.educatedborrower.com

    Here are the key points of what I found out so far

    1) Borrow up to $60,000 per year
    2) repayment up to 20 years
    3) variable interest rate depending on creditworthyness
    4) If you use co-signer, you don't need to show your own income
    5) not certified by school so you can get this loan on top of your staffords

    Is there anything I am missing? The other places I found only allowed you to borrow 25,000 - 40,000.

    Thanks in advance.
     
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  3. njbmd

    njbmd Guest Moderator Emeritus 5+ Year Member

    9,050
    133
    May 30, 2001
    Gone Walkabout!
    Moving to Financial Aid where you can get experienced advice for your question.
     
  4. MDizzy

    MDizzy 2+ Year Member

    64
    0
    Feb 18, 2007
    any chance this could be moved back to pre-allo so i can get a response? I need to do the paperwork soon and I'd like some meaningful input.
     
  5. mshheaddoc

    mshheaddoc Howdy Moderator Emeritus 15+ Year Member

    43,162
    81
    Apr 24, 2002
    Wild west of Mistytown
    What exactly are you looking for? And why would you need more than $20-$40K or so with the maximum stafford?
     
  6. MDizzy

    MDizzy 2+ Year Member

    64
    0
    Feb 18, 2007
    I'm looking for any loopholes or "catches" I might have missed from that lender. So far, looks like a solid lender with a high maximum.
     
  7. mshheaddoc

    mshheaddoc Howdy Moderator Emeritus 15+ Year Member

    43,162
    81
    Apr 24, 2002
    Wild west of Mistytown
    For loopholes/catches you would just need to carefully read the promissary note for yourself. Maybe someone might glance on this board who have used this particular lender but I myself have never heard of them. I would be leary of any company who has been in business for about a year but that is just me. There are plenty of valid loan providers with a long standing history of service. I'd hate for you to get scammed. Just do your homework on the company and their products. Best of luck.
     
  8. rgerwin

    rgerwin Senior Member 10+ Year Member

    965
    0
    Feb 16, 2004
    MA
    also myrichuncle.com
     

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