Bankone's "Education One" Loan

[theringworm]

Does anyone know if there are better deals than this for private loans from lenders who don't take into account what the estimated budget is for you at school X. I am headed to a state school so my total loan amount that they have budgeted for me and my family to live on is well under the max $38,500. Most private lenders won't loan more than want the school has budgeted you for, so as for now, this is the only loan that I can find that will loan to me regardless of how much the school says I need. Does anyone know of any other lenders who will do the same? Does this sound like a reasonable route to take?

http://www.educationone.com/foryou/graduate.html

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[PMart]

I just recently applied for a private loan through Bank of America
because of the same reasons you mentioned.

Bank of America also provides the same type of loan (education maximizer) with no school certification, I checked out both Bank One and Bank of America and the terms are pretty much the same. They also allow for 30,000 per year.I haven't found any others that have a better deal for our situation. Hope this helps

By the way if you apply on line and fax all of the info you get an answer super quick

PMart
NSU Pharm D
class of 2008

 

[OSUdoc08]

I'd recommend T.H.E. for all loans----they have no fees, and if you pay on time, you regain a percentage of what you owe.

 

[theringworm]

I'd recommend T.H.E. for all loans----they have no fees, and if you pay on time, you regain a percentage of what you owe.

As would I, but T.H.E. will NOT loan more than what your institution has budgeted you for. My subs and unsubs are with T.H.E. but my school says I only need 35,000 to live off of, and that includes tuition costs. Uh, maybe others can do it, but living off that with a family and only paying the bare necessities will put me in the whole every month. So I have to get a private loan. Lenders such as T.H.E., nelnet, etc... will not lend beyond the schools estimated budget for the students.

 

[OSUdoc08]

As would I, but T.H.E. will NOT loan more than what your institution has budgeted you for. My subs and unsubs are with T.H.E. but my school says I only need 35,000 to live off of, and that includes tuition costs. Uh, maybe others can do it, but living off that with a family and only paying the bare necessities will put me in the whole every month. So I have to get a private loan. Lenders such as T.H.E., nelnet, etc... will not lend beyond the schools estimated budget for the students.

Most financial aid offices are willing to fudge on the budget if you have rational needs----just meet with them

 

[theringworm]

I just recently applied for a private loan through Bank of America
because of the same reasons you mentioned.

Bank of America also provides the same type of loan (education maximizer) with no school certification, I checked out both Bank One and Bank of America and the terms are pretty much the same. They also allow for 30,000 per year.I haven't found any others that have a better deal for our situation. Hope this helps

By the way if you apply on line and fax all of the info you get an answer super quick

PMart
NSU Pharm D
class of 2008

Hey PMart,

Why did you choose Bank of America over BankOne? Any reason? Wells Fargo has a private loan for med students as well. The only difference I can tell is that Bankone has an origination fee. Then again, it looks as though Bank of America has a higher apr/intersts rates than Bankone. What do you think?

 

[N1DERL&]

I got one from TERI, I think it stands for the education resources institute. Their limit is 15,000 on whatever you need to spend it on. (btw, it wasn't for medschool)

 

[supereagles]

I got one from TERI, I think it stands for the education resources institute. Their limit is 15,000 on whatever you need to spend it on. (btw, it wasn't for medschool)

Could you please provide some additional info on the TERI loans-Like a website or phone number. Thanks

 

[PMart]

theringworm,
I chose Bank of America, because they gave me a lower origination fee 6%, (a few others wanted to charge 6.5%) probably because I have another loan with them. I got approved within 1 week, I receive my $$$ soon, so I am super happy!!!

PMart

 

[PMart]

Could you please provide some additional info on the TERI loans-Like a website or phone number. Thanks

www.teri.org

PMart

 

[supereagles]

It appears that bank one and other Education one loans require proof of income and a two year employment history and "continued employment" to qualify for their credit based loans. For those of you who have gone throgh this process, how did you deal with this-i am guessing that it comes down to having a co-signer. I currently have a job-had it for about 3 years-but I plan to quit in 2 weeks hence the fact that I am applying for a private loan in the first place. I plan to send in my current pay stubs to verify employment but how do they prove that I plan to maintain this employment? Thanks

 

[normalforce]

Go to www.key.com. Key bank has the best interest rate. Mine is something like 4.02%, much better than the 5-6% from bankone. You can get the medachiever residency loan which is a max of $15,000 w/o school certification. That is the max.
Check it.

NF

 

[prophecy2]

It appears that bank one and other Education one loans require proof of income and a two year employment history and "continued employment" to qualify for their credit based loans. For those of you who have gone throgh this process, how did you deal with this-i am guessing that it comes down to having a co-signer. I currently have a job-had it for about 3 years-but I plan to quit in 2 weeks hence the fact that I am applying for a private loan in the first place. I plan to send in my current pay stubs to verify employment but how do they prove that I plan to maintain this employment? Thanks

Na you be "Eze" SDN oo !

proph...

 

[supereagles]

Na you be "Eze" SDN oo !

proph...

Heeegeeeeeeee

 

[DrPharaohX]

Does either of the Bankone or Bank of America loans referred to in this thread offer a grace period during residency?

Thanks.

 

[mpp]

You may have the terms grace period and deferment confused.

Most loans offer a grace period: a period between when you finish school and when you must make your first payment. Grace periods are usually between 3 and 6 months to give you enough time to get yourself settled at a new place and at a new job.

Deferment is when you don't have to make payments during residency. Although I don't have either of these loans, neither company mentions deferment on their websites which would make me assume that you cannot defer during residency. But before you believe anything on this website regardless of who says it, check with the lenders themselves.

 

[theringworm]

You may have the terms grace period and deferment confused.

Most loans offer a grace period: a period between when you finish school and when you must make your first payment. Grace periods are usually between 3 and 6 months to give you enough time to get yourself settled at a new place and at a new job.

Deferment is when you don't have to make payments during residency. Although I don't have either of these loans, neither company mentions deferment on their websites which would make me assume that you cannot defer during residency. But before you believe anything on this website regardless of who says it, check with the lenders themselves.

Actually both Bank One, and Bank of America offer and mention deferment on their websites. You can defer on both loans for 4 years and have a grace periods of 6 months. It's written right on the description page.

http://www.educationone.com/foryou/graduate.html

http://www.bankofamerica.com/studen...mplate=stb_studentloans_maximizer.cfm#medical

 

[DrPharaohX]

Actually both Bank One, and Bank of America offer and mention deferment on their websites. You can defer on both loans for 4 years and have a grace periods of 6 months. It's written right on the description page.

http://www.educationone.com/foryou/graduate.html

http://www.bankofamerica.com/studen...mplate=stb_studentloans_maximizer.cfm#medical

The deferment appears to apply while in school, not during residency. I'll have to talk to them directly.

 

[theringworm]

The deferment appears to apply while in school, not during residency. I'll have to talk to them directly.

If you read it closely they both state that deferment is up to four years after graduation. That would cover residency.

One other thing, so far BankOne is the only one that will lend without having the loan amount verified by your school. So, those of us who have already recieved the max from our school, which is less than the $38,500 in my case, don't have many choices. Both Bank of America and Wells Fargo verify your loan amount with school. That is exactly what I am trying to avoid since my school feels as though $35,500 is enough for my entire family to live on.

Other tidbits of info you may want to know; the cosigner is responsible for the loan if something happens to you and you can't pay it(okay that should be obvious) and your loan may prevent your cosigner from securing a future loan. What to do, what to do.

Anyone know of any other places that don't verify loan amounts via your schools finaid office?

 

[supereagles]

If you read it closely they both state that deferment is up to four years after graduation. That would cover residency.

One other thing, so far BankOne is the only one that will lend without having the loan amount verified by your school. So, those of us who have already recieved the max from our school, which is less than the $38,500 in my case, don't have many choices. Both Bank of America and Wells Fargo verify your loan amount with school. That is exactly what I am trying to avoid since my school feels as though $35,500 is enough for my entire family to live on.

Other tidbits of info you may want to know; the cosigner is responsible for the loan if something happens to you and you can't pay it(okay that should be obvious) and your loan may prevent your cosigner from securing a future loan. What to do, what to do.

Anyone know of any other places that don't verify loan amounts via your schools finaid office?

Bank of America has a loan identical to the bank one loans that do not require verification by the School FA office. When you check their website make sure you are applying for the right loan. Their health professional loans regire certification but their private loans do not reguire certification. These loans fall under their education one loans and their terms are practically identical to that of Bank one. TERI also has the same loan. If I am not mistaken Bank one and Bank of America have their loan application guaranteed by TERI and to apply for any one of these loans you are approved by the same department. However the loans themselves are all different but most of them have additional origination fees and similar interest rates. The reason I know this is that I applied to both Bank one and TERI and they were prectiacally the same process with identical applications. I am also searching for a means to bypass the co-signer requirements. Hope that helps

 

[supereagles]

For those interested in Bank of America private loans, Check this out

http://educationmaximizer.com/

 

[DrPharaohX]

If you read it closely they both state that deferment is up to four years after graduation. That would cover residency.

One other thing, so far BankOne is the only one that will lend without having the loan amount verified by your school. So, those of us who have already recieved the max from our school, which is less than the $38,500 in my case, don't have many choices. Both Bank of America and Wells Fargo verify your loan amount with school. That is exactly what I am trying to avoid since my school feels as though $35,500 is enough for my entire family to live on.

Other tidbits of info you may want to know; the cosigner is responsible for the loan if something happens to you and you can't pay it(okay that should be obvious) and your loan may prevent your cosigner from securing a future loan. What to do, what to do.

Anyone know of any other places that don't verify loan amounts via your schools finaid office?

"Payments of principal and interest are automatically deferred until after leaving college for up to four years for 4-year programs and five years for 5-year programs and during a 6-month grace period"

I called BankOne about this and they said only deferred while in school, and after 6 months from graduation, you start paying back = no residency deferment.

I'm wondering, what stops someone from taking out a residency loan (which IS deferred) to pay off that loan, and then pay off the other later (it's still the same amount, just different loans). Anyone know if this is legit?

 

[theringworm]

DrPharaohX, I apologize, you are indeed correct. I must have been reading it the way I had hoped it would read. Well dang, now what do we do. I don't think I can afford to start repaying loans back during my residency. This just keeps getting worse.

Does anyone know if you can consolidate your loans before med school is over, say your 3rd or 4th year, and then defer that consolidation until after your residency? Is there anyway around this garbage.

Supereagles, if you find a way around the co-signer thing please share with the rest of us how you did it.

Also, can you buy insurance on your loan incase something happens to you (i.e. death) so that if you are not able to pay it back your cosigner won't have to either?

 

[mpp]

Also, can you buy insurance on your loan incase something happens to you (i.e. death) so that if you are not able to pay it back your cosigner won't have to either?

Yes...it's called Life Insurance.Try www.insure.com to get rates from various companies.

 

[mpp]

I'm wondering, what stops someone from taking out a residency loan (which IS deferred) to pay off that loan, and then pay off the other later (it's still the same amount, just different loans). Anyone know if this is legit?

The MEDEX loan from MEDLOANS to help pay for residency interview travel and moving expenses is a maximum of $12,000 and is only deferable for 3 years maximum. I don't think you'll find any deals that offer much more than that. All these loans are private loans and would require the similar credit approval as these other loans...cosigner and the rest.

 

[supereagles]

Hey guys, just got declined for Bank one education loans-probably because i decided to apply without a co-signer. Would this affect my chances should i decide to apply for similar loans from other banks? I am thinking of going with wellfargo PLATO loans. Also how seriously do recent inquires affect once credit score?

 

[mpp]

Make all the inquiries within a week or two and it should just show up as one application for credit on your rating. If you spread it out too long it can look bad since it may look like you're being denied and desperate to get the money.