WHICH PRIVATE LOAN HAS THE BEST RATE OF INTERST?

Discussion in 'Financial Aid' started by vishal, May 31, 2002.

  1. vishal

    vishal Member
    7+ Year Member

    Joined:
    Oct 7, 2001
    Messages:
    46
    Likes Received:
    0
    I NEED TO APPLY FOR PRIVATE LOANS FOR DENTAL SCHOOL AND I REALLY GOT LOT OF CONFUSED LOOKING AT THE BANKS AND THEIR TERMS.SO IF ANYONE OF YOU HAS TAKEN OR IS PLANNING TO APPLY FOR ALTERNATIVE OR PRIVATE LOANS,PLEASE LET ME KNOW WHAT KIND OF RATE OF INTERST YOU ARE GETTING.THANKS. :)
     
  2. analu

    analu Senior Member
    7+ Year Member

    Joined:
    Mar 6, 2002
    Messages:
    230
    Likes Received:
    1
    I've been to a few loan websites, and I see a lot of private loans financed via 3 month LIBOR (London Interbank Offering Rate)+ 2.0% (in school, adjusted quarterly). Currently, the 3 month LIBOR is about 2%, so 2+2=4.0%, interest capitalized at repayment. Interest rate ceiling is usually 18%.

    The loan limit is usually cost of education minus other financial aid (grants, Stafford) and have annual limits of $20,000-25,000.

    Hope this helps. Try northstar.org or nowloans.org, they seem to offer pretty good packages.
     

Share This Page