Student loan lender

[strongboy2005]

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Hey does anyone know of any lenders that pay the 1% origination fee or the other 1% fee that the guaranteer usually pays? All I can find are companies that do a 0.25% ACH transfer reduction.

Which loan companies do you all use? I need to pick one today and submit it tomorrow.

 

[akpete]

Because of the economy, lenders started to quit zero fee loans last year. I don't know that you'll actually find one anymore. May be a luxury of the past.

 

[TMP-SMX]

Last year, Discover was the only lender to do it nationally. There are certain lenders that do certain states. I have no idea what the situation will be for next year but you don't have to choose until the Summer anyway. They will likely change their terms after July anyway.

 

[strongboy2005]

Last year, Discover was the only lender to do it nationally. There are certain lenders that do certain states. I have no idea what the situation will be for next year but you don't have to choose until the Summer anyway. They will likely change their terms after July anyway.

Oh good find! It looks like they are still offering this deal. This is who I'll be getting my loan from in July if they're still offering it then.

 

[Bleurberry]

Oh good find! It looks like they are still offering this deal. This is who I'll be getting my loan from in July if they're still offering it then.

I live in Pennsylvania and the AES told me they're unaware of ANY provider that offers anything less than 1%, and they're really in the best position to know as far as our commonwealth is concerned. I did some digging on my own, too, and couldn't find a single case.

 

[TMP-SMX]

I live in Pennsylvania and the AES told me they're unaware of ANY provider that offers anything less than 1%, and they're really in the best position to know as far as our commonwealth is concerned. I did some digging on my own, too, and couldn't find a single case.

Discover, as of now, still has no fees. This may change though. My school is going to direct loans next year so I can't use a lender anymore.

 

[Bleurberry]

Discover, as of now, still has no fees. This may change though. My school is going to direct loans next year so I can't use a lender anymore.

That's great, thanks. I'll call them today and inquire, and post what I find out.

 

[Bleurberry]

That's great, thanks. I'll call them today and inquire, and post what I find out.

I called Discover this morning and yes, they confirmed they "have no intention at all" of charging any fees for their staffords. So I'm on board.
You can't sign up through the AES though (for Pennsylvania, anyhow), you have to do it through Discover online or on the phone.

 

[tjdent]

When or how often does Discover capitalize interest accrued during the school years? Im on the website but cant find the answer.

 

[TMP-SMX]

When or how often does Discover capitalize interest accrued during the school years? Im on the website but cant find the answer.

6 months after graduation (your grace period) just like every other stafford loan the interest is added to the principal (capitalized).

 

[Bleurberry]

When or how often does Discover capitalize interest accrued during the school years? Im on the website but cant find the answer.

All Staffords have the same rules regardless of their middleman lender, with exception of the "optional" things like waiving the origination fee.

 

[tjdent]

6 months after graduation (your grace period) just like every other stafford loan the interest is added to the principal (capitalized).

Okay, thanks.

 

[fj4288]

www.studentloanlistings.com is prety decent website that tells you how much interest, origination fees, etc. lenders charge.

 

[ModernChemistry]

I'm hearing Discover mentioned a lot because of its lack of fees, but it seems like its limits are too low for my needs. Unless I'm looking at the wrong thing, it says the maximum is 20,500. I was looking for around 40k-45k per year.

Let me know if I'm wrong. Here's a link: http://www.discoverstudentloans.com/student/grad-stafford.aspx

 

[TMP-SMX]

I'm hearing Discover mentioned a lot because of its lack of fees, but it seems like its limits are too low for my needs. Unless I'm looking at the wrong thing, it says the maximum is 20,500. I was looking for around 40k-45k per year.

Let me know if I'm wrong. Here's a link: http://www.discoverstudentloans.com/student/grad-stafford.aspx

The maximum Stafford for Medical students is $40,500. The $20,500 is for non-medical graduate students.

 

[ModernChemistry]

The maximum Stafford for Medical students is $40,500. The $20,500 is for non-medical graduate students.

I'm having a hard time finding this on the website. Could you get me a link?

 

[TMP-SMX]

I'm having a hard time finding this on the website. Could you get me a link?

They don't say it on that site. I had Discover for this past year and it is the same as every other Stafford lender. The school decides your amounts and you decide what to accept. The lender just hands over the money and collects your interest payments.

 

[Bleurberry]

I'm having a hard time finding this on the website. Could you get me a link?

I did a double-take too, but if you look closely at the breakdown on their site, there's a little 1 or 2 denoting a footnote, and then it says in that note that medical students get a different disbursement maximum, and i'm paraphrasing.

Cheers.