WVSOM 2010: Lender?

[labcoord]

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Hello fellow classmates!

I just got info from FinAid about lenders for our loans. Each of the six in Debbie's email has their incentives and rate reductions. I wanted to know which lender you chose? and why?

Thanks

 

[SK8DOC]

I just got the same email today as well. I will let you know what I think of each one in a few days.

Keep me posted if you find out anything new.

Thanks!

 

[JohnUC33]

I've looked at alll of those companies, I still think that I'm going with the THE. Anyone else?

 

[briannarenee316]

i went with access group...
my brother is using them for law school... and he said he likes them, so i was like why not?
not a very scientific method of choosing, but oh well! it all seemed so confusing....

 

[labcoord]

I've looked at alll of those companies, I still think that I'm going with the THE. Anyone else?

I was considering Wachovia and Access Group from the list provided by financial aid. However, I am also considering THE (from Northstar.org).

Thanks for the input!

Did you choose THE because of their re-payment incentives?

Anyone else find their lender to give better incentives? Please share.

 

[JohnUC33]

I was considering Wachovia and Access Group from the list provided by financial aid. However, I am also considering THE (from Northstar.org).

Thanks for the input!

Did you choose THE because of their re-payment incentives?

Anyone else find their lender to give better incentives? Please share.

Since most places are the same regarding Stafford loans (no origination, guarantor fees), I basically made my decision on who was the best regarding the Grad Plus loan. They all charge the 3% origination and 1% guarantor fees, but the THE was the only one I found that actually credits that money back within 6 months.

 

[wake920]

Hey Everyone I asked my brother who is an MD in his first year of residency to look over all the lenders and give me his opnion. He used THE for his 4yrs and recommends that I do the same. From the list we were e-mailed, he said that access group was the best, but to still chose THE. His advice was to get the most $$ up front so do not go with any group that charges an origination fee, ignore the residency perks because that is a whole different scenario, and not to worry too much about the different interest rates as those will change with consolidation, repayment perks, etc. Well that's all I have and I hope it helps.

If anyone has any questions though I can ask him since he has gone through the whole process and get back to you. Just send me a pm.

 

[theresa83]

how about edamerica, i noticed that their interest rate is 7.5% rather than 8.5%...

 

[bbgirl]

there is one with a 6.8% cap on Grad Plus.
I noticed the reimbursed fees from THE, however, a friend of mine told me when she consolidated loans from college, many groups offered incentives of refunding the fees. The fee is also a one time thing. The percent cap matters more-b/c it's over the life of the loan.

 

[labcoord]

there is one with a 6.8% cap on Grad Plus.
I noticed the reimbursed fees from THE, however, a friend of mine told me when she consolidated loans from college, many groups offered incentives of refunding the fees. The fee is also a one time thing. The percent cap matters more-b/c it's over the life of the loan.

Simply put, I spoke to some friends from other med schools and the majority of them chose THE (for numerous reasons).

I chose THE simply because the lenders on the list (particularly the one offering 6.8%) change or revoke this interest rate incentive if you choose to consolidate. So, you may consolidate, but that 6.8% goes back up to 8.5% upon consolidation.

THE will allow consolidation but the 1.3% interest rate incentive lowers to .75%.

And it doesn't hurt that they credit the fees.

P.S. I am speaking of the Grad PLUS.

 

[CatsandCradles]

Hey guys, try looking at your WVSOM email. They just sent out an email with links to some of the loan programs that might best fit you.

 

[bbgirl]

Simply put, I spoke to some friends from other med schools and the majority of them chose THE (for numerous reasons).

I chose THE simply because the lenders on the list (particularly the one offering 6.8%) change or revoke this interest rate incentive if you choose to consolidate. So, you may consolidate, but that 6.8% goes back up to 8.5% upon consolidation.

THE will allow consolidation but the 1.3% interest rate incentive lowers to .75%.

And it doesn't hurt that they credit the fees.

P.S. I am speaking of the Grad PLUS.

Where did you find all that out about the consolidation? What about someone with no other loans except for med school or if you don't consolidate?

 

[FutureDocDO]

Where's this THE thing I keep seeing for Grad Plus loan? I looked at Wachovia Federal Plus. There are two reasons I'd go with Wachovia: (1) 7.9% fixed interest rate and (2) 3% rebate of accrued interest. Let me know what you guys think.

 

[bbgirl]

Where's this THE thing I keep seeing for Grad Plus loan? I looked at Wachovia Federal Plus. There are two reasons I'd go with Wachovia: (1) 7.9% fixed interest rate and (2) 3% rebate of accrued interest. Let me know what you guys think.

THE=Total Higher Education, it's not one of the six lenders from the email

 

[jgl1980]

THE=Total Higher Education, it's not one of the six lenders from the email

National city is the best with the lowest intrest rate. It seems to beat all the other ones

 

[bbgirl]

3% of accrued interest for 34000 (grad plus) is about 3% of 4000 for the 4 years. You're only talking about 100 bucks.

 

[Duchess]

I went with National City. They had the lowest interest rates (from when I did some research on the lenders) and when I called financial aid at WVSOM that's the lender that they recommended. However, it is a very personal decision, so if you're indecisive than perhaps you should call WVSOM financial aid and discuss your individual situation/concerns with them to see which lender suits you best.

 

[theresa83]

How do we find the Federal Stafford Loan Master Promissory Note and the GradPlus Master Promissory Note that's suppose to be online somewhere?

Is it on the school's website?

 

[Duchess]

How do we find the Federal Stafford Loan Master Promissory Note and the GradPlus Master Promissory Note that's suppose to be online somewhere?

Is it on the school's website?

You sign the promissory notes on the website of whichever lender you choose. Use the links from the WVSOM e-mail that they sent out with the list of lenders, do some research on each, and when you choose one just look on that lender's site and you'll see a link to sign up (promissory notes) for the Stafford Loans and the GradPLUS.

 

[Richie Truxillo]

I just reconsolidated with T.H.E. I've been with them from the start and have been happy with them thus far.

-Richie

 

[Megalofyia]

Richie, you should come out for a last game of broomball before rotations start.

 

[Richie Truxillo]

At Mega:

Mega, I just finished my 2nd week of rotations. And I gotta tell ya...it's awesome... I'll call you and let ya know what was said to me today. I think you'll appreciate being in PBL alot more after I tell ya my rotation experiences thus far. I'm going to come back to the school and speak to your class a bit after I start internal med. (ya'll will be back in school then)

I am heading home right now to see my folks, they let me off for two days but in return I gotta see patients for em on Wednesday so no dice on the broomball thing 🙁 Hip check someone for me though 😉

-Richie