Official Lender Info Thread

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FenixTx said:
lucky lady said:
I was looking into discover, but unfortunately it is not on my school's list of lenders. There may be a way to use non-school approved lenders, but I will have to look further into this.
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When I talked to discover they said they can fund you even if their are not on the school list. They can fund you directly or manually to the school. since they have only have only been in the student loan business for 1 1/2 years many school haven't been added yet but if you ask they can help you... it is all about the money.
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What are some good companies that offer uncertified loans, with an easy application process and acceptance rate for undergrads?
So far I've tried myrichuncle and Act Education Loans, but myrichuncle does't offer loans to my school :confused: and Act made me jump through a bunch of hoops rounding up paperwork and then changed their site format to where I can't access my existing application.
 
Vith said:
What are some good companies that offer uncertified loans, with an easy application process and acceptance rate for undergrads?
So far I've tried myrichuncle and Act Education Loans, but myrichuncle does't offer loans to my school :confused: and Act made me jump through a bunch of hoops rounding up paperwork and then changed their site format to where I can't access my existing application.
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what school are you attending, then I may be able to help you.
 
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University of Great Falls
 
lucky lady said:
after some checking Discover is on your school list with no fees I would go with discover
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Discover's private loans appear to be certified.
This doesn't seem to be what I was looking for.
 
lucky lady said:
FenixTx said:
When I talked to discover they said they can fund you even if their are not on the school list. They can fund you directly or manually to the school. since they have only have only been in the student loan business for 1 1/2 years many school haven't been added yet but if you ask they can help you... it is all about the money.
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I thought Stafford loans had to go through the school (meaning, the school disburses the funds to the student). How is Discover claiming it can fund the student's bank account directly?
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I posted this in the discover thread also...

This might be worth knowing...Discover capitalize on interest every month during repayment period. This is actually quite bad right? Since other lenders like T.H.E. capitalize on interest only once when you enter repayment.
 
Does anyone know what happens if your selected lender becomes insolvent? I selected National City since it was the only lender on my school's list with no origination fees, but apparently they were big into no-doc mortgages :rolleyes: and the stock market seems to think they might fail.

If they're gonna fail, they'd better wait until my fall loans are disbursed!

Should be an interesting year.
 
It'd be nice if all our private lenders went out of business and we didn't have to pay anything back on the loans already taken out. Ahh...dreams.
 
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FenixTx said:
I was just looking at the Chase Health Student loan which many of you were raving about and I don't see any of the benefits mentioned. They have a 1% origination fee as well as only a .25% interest deduction for autopayments. Wonder why it all changed so much.
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Chase did have the sweetest deal in town...as long as you were certified by June 1. Fortunately I got in before the big changes went into effect, but it seems most people weren't able to.

Honestly, I wouldn't fret too much about the existing loan market situation. Just like things were pretty good last year, they will probably be better next year. The credit market crisis will likely have resolved by then (or at least stopped getting worse). So go with someone who won't charge you any fees, and don't think about it anymore--which seems to be Discover.
 
My school told me to select another lender because while THE said they would be funding loans, they never informed the school they actually had the funds to disburse... apparently they need 3 months worth of disbursement funds in the bank and they don't have it. So while technically they are still in the loan business, there isn't any guarantee the funds will be disbursed to your school on time (or when they would ever be disbursed).
 
Yea my school is giving me a hassle too. Any other suggestions ?
 
ShyRem said:
My school told me to select another lender because while THE said they would be funding loans, they never informed the school they actually had the funds to disburse... apparently they need 3 months worth of disbursement funds in the bank and they don't have it. So while technically they are still in the loan business, there isn't any guarantee the funds will be disbursed to your school on time (or when they would ever be disbursed).
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Which lender are you referring to?
 
msjang said:
I posted this in the discover thread also...

This might be worth knowing...Discover capitalize on interest every month during repayment period. This is actually quite bad right? Since other lenders like T.H.E. capitalize on interest only once when you enter repayment.
Click to expand...

According to that other thread, this turned out to be incorrect.
 
Right now, which lender is the best? I had THE last year and will only be taking out the maximum federal stafford loans (not concerned about private loans) It seems like the information is so misleading and confusing. Is Discover the best or should I just go with Chase Health Education Program? What about PNC or Citibank?

If anyone could provide a short, concise summary of which program is the best, I would appreciate it. Thanks.
 
National City = best for grad plus, lowest interest rate
Discover and National City = both great for stafford loans, have no origination/default fees.
 
cdarnay said:
Right now, which lender is the best? I had THE last year and will only be taking out the maximum federal stafford loans (not concerned about private loans) It seems like the information is so misleading and confusing. Is Discover the best or should I just go with Chase Health Education Program? What about PNC or Citibank?

If anyone could provide a short, concise summary of which program is the best, I would appreciate it. Thanks.
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Go with Discover. They have no fees and the same interest rate reduction everyone else is offering. Cross your fingers Sallie Mae, Chase, Citibank, and the other usual suspects will all be offering competitive deals next year after this credit crisis passes.
 
Hi all. I'm so thankful to you guys for finding out the best banks to give out loans, like National City. They have 0.3 for 24 ontime payments and 0.3 for direct deduction. As for the grad plus, the rate is 7.65% so that's awesome too. Let's keep this thread going for next year when we apply for loans again! :laugh:


bravotwozero said:
National City = best for grad plus, lowest interest rate
Discover and National City = both great for stafford loans, have no origination/default fees.
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