Lenders

[MariaMaria]

So now this year ICO is not a lender for their stafford loans and when I called them for a list of lenders they told me since it's the first year they've had to do this, they don't have a list.

I've never had a loan before for anything so I'm kind of clueless here. ICO told me they go through a direct loan system which is through the government. I don't want to do that if there is a better option out there with incentives and such.

If anyone knows of a good lender can you please let me know. PM me if you want.

If anyone going to another school has a list of good lenders from their school can you post them for everyone? Thanks in advance.

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[tbiv81]

I just completed my Master Promissory Note for PCO yesterday and had to choose a lender. I knew nothing about it, so I called them. They told me to choose from the list of lenders listed for my school (AES website http://www.aessuccess.org/) and to pick one I'm either part of (have to be a member of Credit Union to choose it. ends with FCU or CU) or one I am familar with. There were only 2 or 3 I was familar with, so I chose First Citizens Bank of Penn. She said they all have the same intrest rate, but some may offer benifits or penalites for paying off early etc..... The site gave me info about First Citizens as a lender. Hope this helps

 

[MariaMaria]

That helped a lot, thanks! I've been doing a lot of research and I've become afraid of commiting to a lender because I'm scared there is a better one out there I haven't bumped into yet! I know it sounds silly but this is a lot of money we're talking about.

Thanks again for the info!

 

[pienfoo]

if you had loans during undergrad it might be a good idea to use the same lender for your grad school. my loan is with Wachovia and they seem pretty reliable : ) g'lck, im pretty confused about this whole loan thing myself.

 

[Bright Eyes]

My lender from undergrad left the Stafford Loan program...grrr economy So I got too scared to get a loan from another bank...I ended up going with the Direct Loan program.

 

[MariaMaria]

For the Direct Loan, what incentives do you get? Is there an origination fee?

It seems you have to actually apply in order to see all these questions answered and I don't want to do that yet.

 

[Bright Eyes]

When I talked to the financial aid person at ICO they told me that there is like a 2% origination fee...and their incentive is to forgive most if not all of that fee if you make your first 10 or 12 payments on time when you are done with school.