May 31, 2009
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Dear Mentors:

Can you please share your experinces about loan lenders? Which one is better to take the loan from? I have no idea. :confused::confused:
 

genesis09

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I had no choice. UIC said you had a choice of Direct Loans or Direct Loans.
 

CUpharmD2013

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I had good luck with US Bank last year. Although, I did hear that they weren't going to be offering any new loans.
 

mustang sally

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Stick with federal loans if at all possible (e.g. subsidized and unsubsidized Stafford, Grad Plus if absolutely necessary). I avoid private loans like the plague.
 
May 31, 2009
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Stick with federal loans if at all possible (e.g. subsidized and unsubsidized Stafford, Grad Plus if absolutely necessary). I avoid private loans like the plague.
Professional Student: :)

Do you have any experience with Perkins loans?
 
Sep 3, 2009
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Didn't the federal government just takeover the student loan business?... In any case, I'd go with the fed
 
May 31, 2009
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Didn't the federal government just takeover the student loan business?... In any case, I'd go with the fed

They do a part of it, but they pay they loans through intermediate parties like Bank of America, WellsFaego, ect. I was wondering which one of these lenders do a better job.
 

StaviZFingerZ

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Professional Student: :)

Do you have any experience with Perkins loans?

I had Perkins Loans... it was small amount disbursed by school. It was the first loan that got paid off.
 

type b pharmD

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They do a part of it, but they pay they loans through intermediate parties like Bank of America, WellsFaego, ect. I was wondering which one of these lenders do a better job.
You might want to ask on other forums. Med school forums get more traffic, and they are doing the same thing with loans that we are.

Also, if the school loan thing goes through congress ( i think it just did?) then the govt will not be using third parties to disburse loans, they will be basically doing it all themselves.. So in a few years, us treasury will be your only option anyway. Us treasury offers no special deals, whereas I hear banks will sometimes offer you deals such as points off of a car loan or home loan, or maybe freebies like free tickets of some kind (plane, event, ski, etc), maybe free cash or a free checking or savings acct or the like. Not sure if they're still doing this. If i were in your shoes I'd just call around and ask the banks what they can offer, and go with the one who has the best freebies. If they're just servicing US govt loans, your payment terms, disbursement terms, and deferment/forbearance options are going to all be roughly the same anyway. The banks cant offer you much more than points off your disbursement fee and freebies.. the other terms are set by the govt and are standard across all service providers.

I went with us treasury because the process was super easy and I was able to do it from my couch. They also have a well staffed service center, and have NEVER had a problem waiting on hold when talking to them.
 
Last edited:
May 31, 2009
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You might want to ask on other forums. Med school forums get more traffic, and they are doing the same thing with loans that we are.

Also, if the school loan thing goes through congress ( i think it just did?) then the govt will not be using third parties to disburse loans, they will be basically doing it all themselves.. So in a few years, us treasury will be your only option anyway. Us treasury offers no special deals, whereas I hear banks will sometimes offer you deals such as points off of a car loan or home loan, or maybe freebies like free tickets of some kind (plane, event, ski, etc), maybe free cash or a free checking or savings acct or the like. Not sure if they're still doing this. If i were in your shoes I'd just call around and ask the banks what they can offer, and go with the one who has the best freebies. If they're just servicing US govt loans, your payment terms, disbursement terms, and deferment/forbearance options are going to all be roughly the same anyway. The banks cant offer you much more than points off your disbursement fee and freebies.. the other terms are set by the govt and are standard across all service providers.

I went with us treasury because the process was super easy and I was able to do it from my couch. They also have a well staffed service center, and have NEVER had a problem waiting on hold when talking to them.

Thank you so much for sharing the infromation.

As a side note, can you show me how to become a type B person? (just joking)
 

Farmercyst

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USC told us that legislation pending will make it necessary for schools to handle the lending by using Direct Loans. Actually works better because GradPlus drops from 8.7% to 7.5% which is better than most incentives you'll get anyway. The only thing you lose out on is the origination fee which they didn't waive the last 2 years anyway.
 

CUpharmD2013

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I had good luck with US Bank last year. Although, I did hear that they weren't going to be offering any new loans.
My loans this year were Fed sub/unsub and Grad Plus and US Bank was the third party processor. As many have said, there are now new laws in place and I'm waiting to see how that is going to affect me for next year. I was told to check back after April 1st.
 
B

BelleMD2B

They do a part of it, but they pay they loans through intermediate parties like Bank of America, WellsFaego, ect. I was wondering which one of these lenders do a better job.
Bank of America, WellsFargo, etc. are being ELIMINATED from the lending process as per the new legislation.

You won't have the option of "which bank is better" for federal loans.

Private loans - best to go where ever you have a relationship. If you don't have one, you can shop your loans around to compare. Plain and simple.
 
May 31, 2009
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Pharmacy Student
Bank of America, WellsFargo, etc. are being ELIMINATED from the lending process as per the new legislation.

You won't have the option of "which bank is better" for federal loans.

Private loans - best to go where ever you have a relationship. If you don't have one, you can shop your loans around to compare. Plain and simple.
:thumbup: Thanks for information.