Education One Loan

[JJNY]

Does anyone have any experience with this? It's a loan put out by Bank One which gives you up to $30K unsecured, as long as you have a cosigner.

The important part is that funds are disbursed directly to YOU, without the involvement of your school's financial aid office.

Anyone use this?

www.educationone.com

Students must attend at least half-time
$1,500 - $30,000 available per year
Use your funds for any education-related expense including tuition, living expenses, books, fees, supplies ? even a computer or previous school fees
Funds are sent directly to you
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
Application can be made by phone at 1-877-663-3906 or apply online ? pre-approval is provided within minutes
Your funds are sent within two business days of final approval
Interest may be tax deductible (consult your tax advisor)
Flexible repayment terms
No financial aid forms or school certification are required
No application deadlines; apply anytime

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[paean]

No experience, but I'd recommend reading the fine print carefully, and making sure you've exhausted all options through your financial aid office first.

I'd want to know about when payment starts, if it's possible to do interest only payments and for how long, how much of an origination fee they take out, how long you have to repay it, and if the interest is fixed or variable, and if variable, what's the cap/if there is one.

The deferment of payments, or at least payments on your principle is one of the reasons going through your FAO is usually so helpful.