What lender did you pick?

[dentaldude8]

Just curious what lender all of you picked for your Stafford and/or Grad PLUS loans. Any why you went with that particular lender.

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[Hysteria24]

I second that question. The only things I know to look for are origination fees (~3%), and interest rate reductions for on time payments (.25-1.25%). However, most of those reductions get wiped out if you reconsolidate.

 

[DDS Nuke]

I second that question. The only things I know to look for are origination fees (~3%), and interest rate reductions for on time payments (.25-1.25%). However, most of those reductions get wiped out if you reconsolidate.

Navy Federal Credit Union Stafford
0% orig. fee
1% default fee (depends on school)
2% reduction in interest rate after 24 months payments
0.25% reduction with auto-pay (from any account)

These are very good benefits on monies dispersed after July '08 relative to the recent loss of benefits with other lenders.

 

[Hysteria24]

Is that available to the average Joe, or does one have to be affiliated with the military in some way?

 

[utahdentist2be]

You can be a member of Navy Federal if you, a parent, sibling, grandparent, etc. were in the Navy or Marines. Check out their website for all the qualifications. They're a great company to work with, I am also using them for my Stafford and Grad Plus loans.

 

[DDS Nuke]

Navy Federal's field of membership is determined by the National Credit Union Administration. If you are in any of these categories, you are eligible to join:

• All Department of Defense (DoD) uniformed personnel—Army, Navy, Marine Corps and Air Force, retirees and annuitants
• All Department of Defense Reservists—Army, Navy, Marine Corps and Air Force—regardless of drill status—retirees and annuitants
• All Army and Air National Guard Personnel—regardless of drill status—civilian employees, retirees and annuitants
• All DoD Officer Candidate programs: Midshipmen and cadets at the United States Naval Academy, United States Military Academy, United States Air Force Academy, United States Coast Guard Academy and the United States Merchant Marine Academy; Other Officer Programs
• U.S. Government employees assigned to DoD installations (including Coast Guard)
• All DoD civilian employees
• DoD contractors assigned to U.S. Government installations
• Family Members, including grandparents, parents, spouses, siblings, grandchildren, children (including adopted, foster and stepchildren) and household members

Once your family members have joined, they can extend the membership opportunity to their family members, too.

 

[PR Buick]

I originally went with Chase, but because so many lenders were dropping out of the federal student loan program, our school decided to cancel everyone's 3rd party loans and go with the Direct Loan program through the Dept of Education. Basically, I had to e-sign another mastor promissory note and take a loan entrance quiz, both directly from the government site.

 

[I'mFillingFine]

I did Access, but their interest is close to 12%. However, they were the ONLY lender I found that deferred for dental residencies specifically (others do medical, but not dental.)

 

[HupHolland]

Bank of America. No origination fee and some fee reductions later down the road. However, I'm not counting on the latter.

-Hup!

 

[Hysteria24]

I did Access, but their interest is close to 12%. However, they were the ONLY lender I found that deferred for dental residencies specifically (others do medical, but not dental.)

12%

Aren't the only deferrable loans the ~$8,500 a year through the Stafford federal loan program? Seems like a BIG interest rate just to save a couple years of accumulation on a small part of your total debt.

 

[Hysteria24]

Bank of America. No origination fee and some fee reductions later down the road. However, I'm not counting on the latter.

-Hup!

Make sure you check the websites for current info. A lot of things have recently changed, and the forms being distributed by schools are not always accurate.

From the BofA website (CA): http://www.bankofamerica.com/studentbanking/index.cfm?template=stb_stafford_loans



"What else do I need to know?

Please note that a 1.5% origination fee is paid to the government from proceeds of loans first disbursed before 7/1/08. Starting on 7/1/08, this fee will be reduced to 1.0%. In addition, unless the guarantor waives your default fee, a 1% default fee will be deducted from your loan. "

 

[stdmufin27]

I think the deferment idea is that he/she wouldn't have to repay the loan for a residency. Well, hopefully that's what it means. It can't be a subsidized loan for 12% for d-school throughout residency...if so, sign me up right now!

 

[lemoncurry]

salliemae for the stafford loans, and allstudentloans.org for the gradPLUS. The latter was the only lender who could get me the loan without a cosigner.

 

[Lopyswine]

I have a request.

I'm pretty naive when it comes to this stuff. Could someone post link to the major lenders so we can find out the interest rates? Or maybe more posts with cut and pastes from the major lenders. A HUGE request but I think it would make for a great sticky thread.

 

[loved]

I have a request.

I'm pretty naive when it comes to this stuff. Could someone post link to the major lenders so we can find out the interest rates? Or maybe more posts with cut and pastes from the major lenders. A HUGE request but I think it would make for a great sticky thread.

Check out the financial aid forum, particularly the "Choose a Stafford Lender" thread. Then go to all the lenders' websites via google search engine.

 

[HupHolland]

I have a request.

I'm pretty naive when it comes to this stuff. Could someone post link to the major lenders so we can find out the interest rates? Or maybe more posts with cut and pastes from the major lenders. A HUGE request but I think it would make for a great sticky thread.

Stafford: http://www.finaid.org/loans/staffordloandiscounts.phtml
PLUS: http://www.finaid.org/loans/plusloandiscounts.phtml

-Hup!

 

[Hysteria24]

Stafford: http://www.finaid.org/loans/staffordloandiscounts.phtml
PLUS: http://www.finaid.org/loans/plusloandiscounts.phtml

-Hup!

I'd be hesitant using the info on that site. A LOT has changed even in the last few months. Check individual websites of these companies to see their updated fees/perks. I went through last week while trying to find a lender and you will see that there are very few/small benefits available to students these days.

 

[T DAT]

I took loans out with Salie Mae for, grad school M.S., and what a pain to work with. I would steer away from this lender. There customer service is horrible!