The Best Private Loan Source?

[pharmaspire]

I've been shopping around for a private loan for a while now, and while I've managed to narrow down my choices to PNC solution loan and Wells Fargo Collegiate Loan, I havent been able to decide on which one.I am new to this whole borrowing thing and really dont know what I should be looking for. I've been reading around to educate myself on the subject matter but would welcome input from anybody with private loan experience. I learned a lot from the website below, but still cant figure out the technicalities.

http://www.finaid.org/loans/privatestudentloans.phtml

Also, I've used the loan calculator below, and still unable to decide;

http://www.finaid.org/calculators/loandiscountanalyzer.phtml#help8

So I guess my questions are:
1. What should I look for in a private loan
2. Which ones do you consider good/best

Lastly, I have good credit and would be using a cosigner as well.Any feedback is appreciated.

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[TMP-SMX]

Will you be going to pharmacy school as a graduate student? If so, grad plus loans are also an option for you and you can avoid private loans entirely. Obviously the rate isn't low (8.5%) but it is fixed.

 

[pharmaspire]

I looked into Grad PLus. Unfortunately for me the first year of my pharmacy school is considered undergrad. I talked with the financial aid office and my only other option is to find an external/private loan.

 

[stiz]

Is getting a private loan this year going to change my expected contribution for next year....I mean will it be seen as income or savings???

Since it's money above the COA?

Thanks.

 

[TMP-SMX]

No, loans are not considered income or assets. Don't include any loan money that is in your bank accounts as assets.

 

[clinicallabguy]

I am also interested in what direct-to-consumer private loans people are finding. Also, OP let us know what you find out about PNC, Wells Fargo, or other.

I need more money than the cost of attendance at my medical school, and they have denied my request to increase my cost of attendance. They only expand it for outstanding medical bills, and child day care.

Because of this stafford, GRAD plus, and school certified private loans won't work. I can only obtain these up to the COA. I need more than COA, so if anybody knows what good direct-to-consumer loans there are that don't need to be verified by the school please post.

Thanks.

 

[Brent8927]

I had to take out one of these loans while in my post-bac program, back in 2007. I applied for a TERI loan from Bank of America. I don't know if the TERI loans are still around--BofA did sell my loan to another within six months or so...

Unfortunately I hear that right now any loans that aren't school certified are hard to come by.

I am also interested in what direct-to-consumer private loans people are finding. Also, OP let us know what you find out about PNC, Wells Fargo, or other.

I need more money than the cost of attendance at my medical school, and they have denied my request to increase my cost of attendance. They only expand it for outstanding medical bills, and child day care.

Because of this stafford, GRAD plus, and school certified private loans won't work. I can only obtain these up to the COA. I need more than COA, so if anybody knows what good direct-to-consumer loans there are that don't need to be verified by the school please post.

Thanks.

 

[pharmaspire]

I talked with a Bank of America rep. and they do not offer TERI loans. All they offer are Stafford and PLUS loans.

I didnt really talk to the banks about direct-to-consumer private loans. However Wells Fargo has a loan program that does not require school certification but I think they have a cap on how much you can take per academic year. You should call them and find out. It's gonna be hard to get such loans at this time given the state of the economy.

I still dont know what bank I will be using since they have different incentive programs, and you dont even know what your rate is going to be unless you actually apply.

 

[clinicallabguy]

I talked with a Bank of America rep. and they do not offer TERI loans. All they offer are Stafford and PLUS loans.

I didnt really talk to the banks about direct-to-consumer private loans. However Wells Fargo has a loan program that does not require school certification but I think they have a cap on how much you can take per academic year. You should call them and find out. It's gonna be hard to get such loans at this time given the state of the economy.

I still dont know what bank I will be using since they have different incentive programs, and you dont even know what your rate is going to be unless you actually apply.

Ya, it does seem like a lot of lenders have been doing away with their direct-to-comsumer loans, but I hope that I will still be able to find one.

How do you go about shopping around and finding the best rate if you don't know what the rate is until you apply? Doesn't it ding your credit score slightly every time a financial institution pulls a credit report? So, could applying for several loans in order to see which one has the best rate be detrimental to your credit?

Finaid.org says that loan comparison sites also pull a credit report, and that the loan comparison may or may not be accurate.

So, how can you shop for the best rate? Is it possible? Should I just pick a lender and forget shopping around?

 

[pharmaspire]

Initially I thought I'd just pick one and apply as I didnt want to impact my credit score negatively. But I've learned that different lenders have different incentive programs. Some lenders have loans that require school certification and others do not, while other lenders have both types of loans around. So there are definitely things you can consider to narrow down your choices.

Finaid also provides a comparison of the different loan types offered by different lenders:http://www.finaid.org/loans/privatestudentloans.phtml

You can compare the lowest and highest rates offered by the different lenders and make an informed decision. Personally I've narrowed my choices down to about four.

 

[ThinkTooMuch]

i have about 15k in unmet need but realistically need about 20k on top of 12.5k i can get from government. are there loans that dont care about COA? all the ones ive seen do.

 

[clinicallabguy]

i have about 15k in unmet need but realistically need about 20k on top of 12.5k i can get from government. are there loans that dont care about COA? all the ones ive seen do.

They're a little harder to find right now, but some lenders offer direct-to-consumer loans that don't need to be certified by the school. So, they can be above the COA.

This is the one I've found so far, but there may be more:

https://www.wellsfargo.com/student/graduate/education/

Notice this one says "This loan does not require your school to certify the amount you're borrowing."

If it says "up to the cost of attendance minus other aid" about the loan, then it is a school certified loan and you won't get more than COA.

Some of the sites that I have found have ambiguous language, and I don't know if the private loan is school certified or not. I haven't gotten around to calling people, yet.

 

[RSteel30]

Great choices for comparison! I know that when I was looking for a good loan source to help me pay my way through college, I found this great website: http://backstage.wellsfargo.com/
Check it out.
Good luck!
Rich

 

[phospho]

bump - if anyone has found anything worth sharing, I would love to hear about it. I am also looking for a private loan (about 10K) that is not school certified (since my COA has already been met). I've got excellent credit and have been in the workforce for a few years now, so I'm not sure if I'll even need a cosigner (though if I do end up needing one, my parents will gladly cosign).

Also, I've been looking through the threads, and it seems like there's no clear consensus on how much the APR is for these loans. Does anyone have any info on that? The reason I'm asking is because I have a balance transfer offer on my credit card for 8.99% for the life of the loan, and I have a $30,000 credit line. What do you guys think I should do? Obviously, there is a transaction fee of 3% of the balance transferred or of the amount the convenience check is written for, but still, for some reason, it's sounding much better than what i've been hearing about the private loans.