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USN: Private Loan

Discussion in 'Pre-Pharmacy' started by Ray1234, Apr 26, 2007.

  1. Ray1234

    2+ Year Member

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    I have been told that USN will contact us regarding the application for loan at the end of May and there is a chance of getting better rate if we apply through USN for private loan.
    are there anybody considering private loan for usn? What are your plans besides waiting till the end of May? How much are you considering to take out?
    Ray
     
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  3. gsinccom

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    Hey Ray,

    I know a guy who is graduating this May/June from USN and here is what he told me through e-mail this week: "Oh, by the way, I got my federal funding approved and the money was already sent to my private lender to pay back the private loan I did this year. When you apply it will probably take a month or less so as long as they get you started by July you'll be fine. You'll probably get something in the mail around May or June with instructions so it will get done with plenty of time to spare. Plus they're hiring more help so it will get done even faster than it did for us." and a week or so before this he told me: "Figure out how much you need to live off of and then you can decide whether to loan out the max or only a portion. The nice thing is they are Federal now and the rates are fixed. It's better to have a fixed rate and have rates drop than to have a variable rate and see them keep increasing."

    To me it seems that if you can get them that the Stafford Federal Loans and the Grad Plus Federal Loans are a better option than private loans!

    Best wishes and Later.
     
  4. Ray1234

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    Thank you very much for the reply gsinccom. I am an international student and not eligible for any kind of federal loans. So, the only option i have is Private Loan. I know rates are high but i have to bear it. I talked to the private lenders that USN gave me and they said it will only take upto 48 hours for credit approval and the next step will be school's certification.. and then you are all set. I guess it should not take more than 10 days..

    Whats your plans for summer gsinccom?

    Ray
     
  5. gsinccom

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    Ray,

    I'm sure USN could hook you up with current students that have gone through the private loan issue if you'd like a mentor.

    I am planning to work this summer and relax and maybe review my chemistry so I'm more prepared for Pharmacy school.
     
  6. eclipster

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    Hi Ray I'm an international student too! I'm just wondering the people who you spoke (banks) to regarding the loans,did they asked for any co-signor to sign the laon ? and also what are the banks on the USN list ?

    finally did you got your loan approved(with/without co-signor) already or are you waiting on the USN certification?

    thanks for your time
     
  7. Ray1234

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    Here is the list of lenders for USN
    MEDINVEST

    COLLEGIATE SOLUTIONS

    FINANSURE

    STUDENT LOAN XPRESS

    MEDPREFERRED

    COLLEGE LOAN CORP

    NEL NET

    Where are you originally from? Yes, every international student will need a co-signer. You can apply for private loan by your own but if you apply through the school, there will always be a chance of getting better rate thats what i have been told.

    Let me know if you have any other questions.

    Ray
     
  8. eclipster

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    I'm from India and right now pursuing Ph.d but planning to drop (after three years in to it !!)and would like to shift to Pharm.D program instead

    also wondering..from which country you are from and what are you doing currently pursuing ?

    Thanks
     
  9. Ray1234

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    I just sent you pm.
     

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