Private Loan ?'s

[Dentalbound]

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I'm trying to find out which lending agencies offer private student loans similar to Bank One's Signature loan (which is the only one that I have been able to find so far). It is a credit based private loan that is specifically available to students. It's sent directly to the student, and it isn't limited by the cap set by each individual school (which is the key thing that I am looking for).

Since the Signature loan is the only one that I have been able to find, I don't really have a lot to compare it to. The interest rate is based off of the LIBOR (which is currently 1.11% now, but variable quarterly) + a fixed rate based on your credit which for me should be around 4.75 - 5%. The only fee is an origination fee of between 6 and 7%. All payments can be deferred until 6 months following graduation. Although compared to the Stafford interest rate of only 2.82% it seems steep, for a private bank loan it doesn't seem THAT bad.

I'm not looking to take out huge sums of money, nor do I want to rack up a lot more debt than I have to. However, since my school's cap is fairly low (110k), at least on the dental school scale, I feel like I could supplement my federal loans somewhat to pay off some other debt and take care of a few additional expenses. Any advice on this and other options is greatly appreciated.

Dentalbound
CU class of 2008

 

[mpp]

I don't know of any other companies, but I would watch that rate. It would be scary to have $10,000 borrowed on that loan and then have the libor start to creep up on you with no way to get a fixed rate to pay it back (the advantage of student loans which you can conslidate to a fixed rate). Also, that 6% is a ridiculously high fee...that's $6 of every $100 out the window up front before you get to use it.

 

[osteo emt]

i believe its bankofamerica youre talking about. its called the student maximizer loan, but im not sure its for dental students too. But they have all sorts of private loans, so call them up. the terms u described are exactly the way the med student maximizer loans work. good luck

 

[lebelle]

hi,

can anyone answer these questions for me pls..

1.Is it difficult to get loans if one changes from h4 to f1?

2.Will the rate of interest varies depending on whether one is on H4 or F 1 visa ?

Thanks
lebelle

 

[Dentalbound]

Someone here has to have been in this situation before. I could really use some help here. Thanks

Dentalbound