Vanderbilt University School of Medicine Class of 2011

[abbaroodle]

Thank you for that point of information! Let me revise my date available!

Orientation is August 2nd and 3rd - a couple weeks earlier than past years. I dont know when pre-orientation activities will happen for you all.

I am not 100% sure when I will be moving, but it will be before July 28th - most likely before the 21st. We can work out a date that works for both of us.

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[Meeher]

What kind of pre-orientation activities are there?

 

[QuantumMechanic]

Just a point of information--orientation starts before then.

I've heard this as well...but why have we gotten no information to the contrary...everything says Aug. 2 is the first day of stuff!

Also, don't some apt. complexes only start leases at the beginning of the month? Isn't that make having orientation start before Aug. 1 make little sense for us?????

 

[QuantumMechanic]

Actually I've never seen a calendar anywhere that had orientation listed. I've only seen "registration" (not sure how much registering there is to do in med school...except for electives) and the first day of classes. I believe registration is the last day of orientation and that it starts the Monday before--which would be July 30.

I imagine we'll start receiving information soon, but I agree we should be notified earlier so that people can start making definitive housing plans.

I emailed Dr. Sagen a while back, heres what she said:

"Orientation begins August 2 so best case scenario is to be moved into your apt by July25th!
Pat Sagen"

 

[abbaroodle]

In the past, orientation started on Monday. Second year students organized MAG-Day (Meet-and-greet) on the Weds before. The past few years it has been a photo-scavenger hunt (you learn a bit about the campus!) followed by ice-cream. You then have dinner with your MOO-trip leader. What's a MOO trip? Thursday and Friday is MOO-trip day - Medical Outdoor Orientation where you sign-up to go rafting, sailing, hiking, caving, etc on either Thursday or Friday and then half the class meets up for a camping trip. (ie, there are a bunch of trips on Thursday and on Friday. Everyone who went on any trip Thursday camps out Thursday night regardless of whether they were or playing golf.) Its a great way to meet your classmates and a whole lot of fun!

I dont know what the deal is with the MOO trips this year because of orientation being a bit earlier and starting on Thursday. The rising second years organize that and I am sure they will do just as great a job as previous classes!!!

As for when you want to move in, I got to Nashville on Saturday and MAG day was Weds which gave me plenty of time to find furniture, buy dishes (nope I didnt have any before I came here!!!) unpack, get a bit settled, start to feel my way around town a bit, etc. I was still working some stuff out during orientation, but so is everyone. How early you want to arrive is up to you and how long you feel like you need to get settled.

 

[Meeher]

Hey Abbaroodle,

I notice that you are taking a year off. I was thinking of doing that too before my fourth year to work on health care reform on Capitol Hill. Is Vanderbilt pretty open to doing so-called "fifth years"?

 

[abbaroodle]

Hey Abbaroodle,

I notice that you are taking a year off. I was thinking of doing that too before my fourth year to work on health care reform on Capitol Hill. Is Vanderbilt pretty open to doing so-called "fifth years"?

Totally supportive! (Though I am not doing a "fifth year" - I am just taking an extra year off in the middle!) I met with the dean my second year and talked about it and asked what his thoughts were for after second vs after third and he told me either was fine - just not after fourth. (Applying to residency when not a fourth year is much trickier. Obviously there are exception and cases when it is the best option, he just doesnt recommend it if it can be avoided!) He wrote some letters of recommendation for me for some programs\fellowships I applied to. Officially all I had to do was write a letter (or e-mail) letting them know when I was leaving and when I expect to return and I had to sign something saying I would comply with certain conditions (including providing updated contact info, letting them know in writing by March 1st my plans to return, I had to meet for about 5 mins with financial aid to discuss how to get stafford loans in deferrment while abroad, etc. Nothing difficult or unreasonable.)

The dean also felt like I should do something at least slightly medically related on occassion - such as volunteering in a clinic half-a-day a week or public health or something. We talked about my interests and my plans for the year (mostly non-medical) and he thinks it is going to be a great experience and I will grow from it and come back and be a better doctor in the futre.

There are combined degree programs (MD-MPh, MD-MBA, MD-JD, etc) at Vanderbilt. There is also a program at Vanderbilt where you can spend a year doing research and it is funded by the school. (I think about 10 students per year.) Someone got a Fullbright and obviously took a year off for that. I would basically say if you want to do something specific, you can find a way to do it. If you want to do something but are unsure, you can definately also find someone to help support you in that endeavor (for example you are interested in lab work mosts likely in neuro but unsure more than that.)

(Do all my answers seem longer than you wanted? )

 

[Meeher]

Thanks for the info! It wasn't long at all .

 

[QuantumMechanic]

have you guys had much luck finding places to live...Hamilton Fairfax doesn't have any 2bdrms right now...ugh!

 

[bretticus]

have you guys had much luck finding places to live...Hamilton Fairfax doesn't have any 2bdrms right now...ugh!

Yeah, I'm going to be down by 440. I was looking for a 1 bedroom condo to buy, but there is just nothing around campus in my price range.

 

[QuantumMechanic]

Just a point of information--orientation starts before then.

I'm sure y'all got Dr. Sagen's email but I'll post the dates part here for posterity...

I wanted to let you know important dates as you plan to move to Nashville and begin your medical education at Vanderbilt University School of Medicine.

Best case scenario for you is to plan to be moved into your apt or house by July 25, 2007 so that you can get settled before these events begin.



MAG DAY- (MEET & GREET)/MAG PARTY-8/1/07

ORIENTATION-8/2/07-8/3/07

DEAN’S PICNIC-8/2/07

ADVISORY COLLEGE DINNER-8/03/07

MOO DAY-(MEDICAL OUTDOOR ORIENTATION)-8/4/07-8/5/07

PICNIC – DRAGON PARK-8/5/07

WHITE COAT CEREMONY-8/17 3:30 (Parents’ Meeting at 2:00)

 

[bretticus]

I'm sure y'all got Dr. Sagen's email but I'll post the dates part here for posterity...

Yeah, are we supposed to reply with all of that information to her? I mean there were no real instructions, so that's what I'm assuming...

 

[Meeher]

Yeah I'm confused. Was it supposed to be a word attachment that we could fill out and then return via email...or are we supposed to just reply in an email? Have any of you guys received the student health forms? I never did so I don't know what we are supposed to return to them.

At least I sent the transcript a few days ago .

 

[bretticus]

Yeah I'm confused. Was it supposed to be a word attachment that we could fill out and then return via email...or are we supposed to just reply in an email? Have any of you guys received the student health forms? I never did so I don't know what we are supposed to return to them.

At least I sent the transcript a few days ago .

I did, but lost them and had them resent...

Just email JoVan, and she'll set you up.

 

[QuantumMechanic]

Its hard to believe, but 2 months from today is the first official activity we will have as medical students at Vanderbilt!

 

[QuantumMechanic]

Yeah, are we supposed to reply with all of that information to her? I mean there were no real instructions, so that's what I'm assuming...

who knows? I missed all that stuff on the bottom on the first read since I was interested in the orientation schedule.

...so are you guys having your middle initial or middle name also on your white coat? I'm thinking about having my middle initial in there...such difficult decisions in this lazy summer

 

[Meeher]

who knows? I missed all that stuff on the bottom on the first read since I was interested in the orientation schedule.

...so are you guys having your middle initial or middle name also on your white coat? I'm thinking about having my middle initial in there...such difficult decisions in this lazy summer

Middle name . Might as well. Do they embroider the name on there? I don't have a middle initial so I have an easy decision to make hehe. Does the white coat also have the school name on the sleeve like other schools? I think I saw a yellow V on some nursing white coats but I'm not sure if they do it with med.

 

[Meeher]

Which lender did you guys choose for your loans? They all offer different incentives, it's so hard to quantify which is the best. So if anyone had any insight, that would be great.

I was going to look into this tonight actually. In college, they only had one lender, so I'm kind of new to this whole choosing lenders business. The lender applies to both GradPLUS and Stafford? Are you leaning toward one? My dad specialized in finance when he was doing his MBA so I guess I'll get his opinion on what the best one is...

 

[Meeher]

Yeah, I think that the lender you choose is for both.

I think I'm really leaning toward T.H.E. because they have good bonuses like interest rate reductions and everyone loves their customer service, but the AAMC Medloans seem to have the lowest interest rate after all the reductions (4.75% vs. 5.2% with THE). Plus THE refunds your origination fees (on GradPLUS) when you enter repayment.

Another big statistic is that 95% of THE borrowers receive their bonuses and interest rate reductions (IRRs) while only 5% to 15% of "other lenders' borrowers" (from THE's paperwork) receive IRRs. It seems like Sallie Mae (the loan servicer for Medloans) finds many ways to cheat you out of their IRRs (from what other people have said/posted).

Oh wow, you've done a lot of research. I need to get started on that then . Sounds like from what you wrote that THE is the way to go, but I'll do my research and see which one is best now. I don't really understand a lot of the fine print that is no doubt tucked somewhere in our promisory notes, and I'd like my interest to not be capitalized as I continue through residency and fellowship. But that is wishful thinking I'm sure .

 

[CheerBear11]

Just curious, has anyone received their travel refunds for second look yet??

Has everyone figured out where they are going to live next year yet? I havent

 

[Meeher]

Just curious, has anyone received their travel refunds for second look yet??

Has everyone figured out where they are going to live next year yet? I havent

Whoops...I forgot to send them the receipt for my travels. Thanks for reminding me .

I have found a place. For anyone interested, when I was in Nashville, I liked the Brixworth and Blythewood communities the best, and actually decided on the Brixworth. It was hard to find availability for the most part near campus, so I had to travel a little out (Brixworth is about 2.5 miles from campus on West End, whereas Blythewood is about the same distance on Hilsboro Pike, but that street seemed to be VERY busy in the mornings).

 

[bretticus]

Whoops...I forgot to send them the receipt for my travels. Thanks for reminding me .

I have found a place. For anyone interested, when I was in Nashville, I liked the Brixworth and Blythewood communities the best, and actually decided on the Brixworth. It was hard to find availability for the most part near campus, so I had to travel a little out (Brixworth is about 2.5 miles from campus on West End, whereas Blythewood is about the same distance on Hilsboro Pike, but that street seemed to be VERY busy in the mornings).

I don't know about West End, but Hillsboro Pk absolutely sucks w/ regard to traffic. I think you made the right decision. I'm going to be on Hillsboro just past 440, but I think I can take a decent amount of back roads. So hopefully it won't be that bad.

I went ahead with MedLoans since they have the best rate. I'm just banking on being able to make all of my payments on time. Crossing my fingers that it won't bite me in the ass...

 

[QuantumMechanic]

Bear in mind that this .3% difference between THE and Medloans is only good while you're in school and in deferment. This amounts to about a $120 difference each year. Not too big of a difference IMHO for the peace of mind of NOT borrowing with Sallie Mae. Also, an interesting statistic is that over 95% of borrowers with THE receive their benefits while only 5 to 15% do with other lenders--which maybe we can assume includes Sallie Mae. So, while it seems like making payments on time is a no-brainer, it doesn't appear that is the case in practice. And everyone seems to hate Medloans. I'm leaning towards THE but I haven't made a final decision yet. If anyone has an helpful insight it would be really appreciated.

I'm going with THE as well...Medloans=Sallie Mae=Shady Lender. Sallie Mae's reputation is one of continual screwing of students.

 

[QuantumMechanic]

It was hard to find availability for the most part near campus, so I had to travel a little out

I've spent the last week trying to find places within walking distance of campus (while not exorbitant in price). I finally found an opening in an ideal location and living arrangement for my roommate and me. I'm going to Nashville tomorrow to make sure its OK and I'm throwing down the deposit.

If any of you are looking for places near campus, good luck, because it was damn near impossible to find anything.

 

[Meeher]

Here's a great link from another thread for those of you who are still making the decision: http://www.finaid.org/loans/studentloandiscounts.phtml. Be sure to read about 2/3 of the way down where even the CEO of Sallie Mae says that the vast majority of borrowers don't get their rate reduction bonuses.

And here are two stories about Sallie Mae (Medloans' loan servicer) that I've posted before:
CBS News
CNN Money

Eeek...maybe I shouldn't have done Sallie Mae for my undergraduate stafford loans . I think I'm doing THE too.

And Quantum, yeah, housing was sooo annoying to find near campus. For the first year, I have decided to live alone to make the adjustment slightly easier for me. I'll get a roommate for the other years probably once I know the area and classmates, which will make the rent a bit better. I don't mind driving to class since it usually wakes me up more than walking does.

 

[QuantumMechanic]

And Quantum, yeah, housing was sooo annoying to find near campus.

I really think that finding housing near campus involves half luck and half smart timing!

 

[Meeher]

I really think that finding housing near campus involves half luck and half smart timing!

Of which I had neither .

 

[burkart555]

hi all,
i am planning on making a trip to nashville to look for a one bedroom (close to campus as possible). i am not familiar with the area at all.
could anybody give suggestions/ advice how to go about this (where to look, resources, etc...) i would appreciate it alot
i only have 2.5 days in nashville. is that doable?
what price range should i expect for a 1 bedroom?
thanks in advance for your responses

 

[Meeher]

hi all,
i am planning on making a trip to nashville to look for a one bedroom (close to campus as possible). i am not familiar with the area at all.
could anybody give suggestions/ advice how to go about this (where to look, resources, etc...) i would appreciate it alot
i only have 2.5 days in nashville. is that doable?
what price range should i expect for a 1 bedroom?
thanks in advance for your responses

Hey Burkart,

I did the search in about three days, so it's definitely do-able. I first stopped by the admissions office since they have this large binder with a lot of ads for housing and roommates and stuff. The workers there also gave me a good idea of the price range to expect and the locations that are the safest and best, etc. After that, look at the Paddle in the Office for even more apartment/housing options, and then just call all of them to see if they are available for July. FINALLY, go around driving near Centennial Park and campus in general, since there are some apartments there are not listed in those two sources near there. Unfortunately, when I was there, they weren't available for July. It's hard to gauge what you would pay for a 1 bedroom since it all depends on availability. I found places for as cheap as $700, but they didn't look too safe or maintained, and places as expensive as $1400, but they were really expensive. If you live further out (5+ miles), you can find places for $650 rather easily. You just have to figure out what's more important for you: convenience or saving some money. Good luck!

Oh yeah, it REALLY helps if you have some sort of GPS system in your car since Nashville streets are CONFUSING. My GPS really helped me do apartment searching on the go and so I'd highly recommend it.

 

[SuziQ]

I am living with another 1st year at Elliston Place Quarters...it's really great, 2 bedrooms, 2 baths, washer and dryer in the apt, a little balcony, etc. and it's only $900/month (which is pretty cheap when you divide it by two). It's half a block from campus, and probably a 10-15 minute walk to the med center. I've been living there for the past two years. I don't know if they have any openings, but I would highly recommend it!

 

[QuantumMechanic]

hi all,
i am planning on making a trip to nashville to look for a one bedroom (close to campus as possible). i am not familiar with the area at all.
could anybody give suggestions/ advice how to go about this (where to look, resources, etc...) i would appreciate it alot
i only have 2.5 days in nashville. is that doable?
what price range should i expect for a 1 bedroom?
thanks in advance for your responses

look up hamilton fairfax in the paddle...they had a 1 bdrm apt. available last week when I called them so it might still be available.

 

[QuantumMechanic]

I wonder when it will get easier...I thought that having all the undergrads on campus was supposed to alleviate housing difficulties for us grad students.

that's only half the university's student population though. it seems that most everything close to campus is either relatively small (compared to what you find in more suburban locations) complexes or individually owned condos/houses. from talking with landlords, it seems like the housing change for the undergrads has really not had much of an effect on the demand for adjacent offcampus housing.

 

[bretticus]

Here's what I came up with for the differences between lenders. For a 4 year residency, taking out the max in staffords, it looks like you will save around $8400 (which is about $4900 in inflation-adjusted dollars based on 1988-2006 data) by the time you finish repayment.

I suppose that if you wanted the best of both worlds, you could use grad leverage. I've heard they have very good service. It still appears to be less than MedLoans, but not by much.

Plug your own numbers to see what your amounts would be. You can probably get Grad PLUS to work if you copy a section and plug in the right numbers. I'm only taking out staffords though (lots of savings), so I didn't do it.

Let me know if any of the formulas look incorrect. I compared to the numbers on the Medloans page, and they seemed to be right.

 

[bretticus]

Very nicely done, bretticus. You're a huge help. I ran some numbers on some amortization software and found that Medloans would save you ~$40K over a 25-year repayment term with a 7-year residency (5 years plus two in the lab). That's a ton. I don't think I want to pay $40K for someone who sounds nicer on the phone. I'll play with your spreadsheet and see what I can come up with.

How do you apply for grad leverage? Do you have to fill out a separate application or can Vandy handle it if you just indicate you want them on your fin aid sheet?

Thanks

If you go to their site, all you have to do is request an evaluation. It'll probably take a day or two, and it should come out to 5.8%. I believe this is for the life of the loan.

I just thought of something too though -- if grad plus's 5.8% counts for forbearance as well, you could conceivably save more than Medloans if you had a long forbearance. I don't think the Excel sheet reflects this, but it's a small change. I believe this is because you don't get any IRR's while in forbearance with MedLoans (as you wouldn't with THE either). Correct me if I'm wrong on that.

 

[Meeher]

Hm...but does MedLoans have a good history with IRR's? Is this $40k savings a result of IRR's??

 

[Meeher]

I guess I'm still confused why MedLoans is cheaper than THE. I'm worried Sallie Mae may not allow defering or forebearance during fellowship, even though they claim they allow it--you never know what will happen once that time comes. My dad also didn't like the idea you only have 10 years to repay it, which can be extended SUPPOSEDLY. I feel like MedLoans is riskier.

For THE, you get 5.5% automatically...you don't even have to commit to auto-debit. Auto-debit may not be feasible if you're living paycheck to paycheck in the first few years, which would eliminate the 0.75% savings early on.

 

[Meeher]

With THE, you get 5.5% only after you enter repayment. With Medloans you get 6.5% from the moment you get your first disbursement. Then you get 5.05% when you go into repayment.

Also, repayment is very flexible. Everyone is very willing to work with you. You can stretch it out to 25 years I believe. Plus, deferment and forbearance options are set by the government, so they're the same wherever you go.

Edit: Also, if someone is living paycheck to paycheck when they're making $200,000, then they really need a financial advisor to sit them down and give them a hand managing money. You won't go into repayment until you're making an attending's salary.

Oh, that makes sense. Thanks for that info. Man, this stuff is confusing and complicated!!

 

[bretticus]

By GradPLUS, I think you mean THE. Is that correct? The THE IRR does not kick in until you enter repayment, so the longer you're in deferment/forebearance, the longer you enjoy Medloans' 6.5% interest. Then once you enter repayment, granted you make that first payment on time which seems to be the hardest to make for everyone, you drop down to 5.05% with Medloans (if you have auto-debit).

Actually I meant Graduate Leverage. It seems to me that Medloans 6.5% counts through school, grace, and deferment, but not forbearance. If that's the case, then you would have a 6.8% rate for things like fellowships. Grad leverage is 5.8% the whole time I believe, so you'd be getting a better deal for any years you were in forbearance. This all depends on if my assumptions are correct, however.

As far as going with a 25 year plan, I would think you could always consolidate. That would negate any IRRs with your current lender anyway, and you'd get the benefits that the other lender had for consolidating. There may be new federal rules on what you can and cannot do though, so I don't know. In any case, I'm planning on 10 years anyway.

There is definitely at least some flexibility with Medloans though regarding repayment (income sensitive, etc.).

 

[Meeher]

Actually I meant Graduate Leverage. It seems to me that Medloans 6.5% counts through school, grace, and deferment, but not forbearance. If that's the case, then you would have a 6.8% rate for things like fellowships. Grad leverage is 5.8% the whole time I believe, so you'd be getting a better deal for any years you were in forbearance. This all depends on if my assumptions are correct, however.

As far as going with a 25 year plan, I would think you could always consolidate. That would negate any IRRs with your current lender anyway, and you'd get the benefits that the other lender had for consolidating. There may be new federal rules on what you can and cannot do though, so I don't know. In any case, I'm planning on 10 years anyway.

There is definitely at least some flexibility with Medloans though regarding repayment (income sensitive, etc.).

So I just filled out the assessment at the Grad Leverage website, so we'll see what they say. Hopefully it'll be good!

 

[QuantumMechanic]

Sallie Mae is an evil mistress...but she does put out on the first date...

http://www.studentloanjustice.org/problem.htm

MoA, it seems that you are warming up to Miss Sallie Mae? Money talks...

 

[Meeher]

Sallie Mae is an evil mistress...but she does put out on the first date...

http://www.studentloanjustice.org/problem.htm

MoA, it seems that you are warming up to Miss Sallie Mae? Money talks...

Well that was a disturbing read .

 

[QuantumMechanic]

Indeed, I am warming up to Sallie Mae, as much as I hate to say it. The difference isn't enough to be ignored. If you repay over 25 years (so worst case scenario) it's about a $40,000 difference between Sallie Mae and THE. That's quite a bit.

wouldn't the worse case scenario be the one where you miss a payment and lose bonuses?

 

[Meeher]

I suppose so, but I don't foresee that happening. I've never missed a payment (or been late) before so why would it happen now? You just have to stay on top of your stuff and remember to apply for deferment upon graduation. It is a gamble because THE is much more forgiving, but with Medloans you also get accrual of your Staffords at 6.5% the whole time you are in med school and residency, so that saves a fair amount. So even if you do miss a payment, you had them accruing at a lower rate than with THE and you still get the .75% ACH IRR. Plus you can get the IRR back after two years, so I think Medloans would still come out ahead, but I would have to run those numbers to be absolutely sure.

Have we concluded that MedLoans goes back up to 6.8% during fellowship? I'm trying to figure out what will happen when I consolidate after med school too, because as Bretticus said earlier, it really won't matter anymore about the IRR's, as it becomes all dependent on the consolidation company.

When I consolidated my undergrad stafford loans with Sallie Mae a few days ago, I got a rate of 6.675%, which sucks in my opinion. I'm not sure if they do IRR for consolidated loans.

 

[Meeher]

I got my Graduate Leverage assessment back and it's 5.8% while in school. This beats Sallie Mae and THE, and I feel like I'm going to go ahead with these people. Everyone qualifies for this 1% IRR right away. I need to read their conditions a little more closely to make sure it's really the best lender, but so far it looks good. Best case APR is also 5.12%.

 

[Meeher]

It actually doesn't beat Medloans. If you look at bretticus's spreadsheet, he shows that Medloans is still the cheapest. The reason is that you get 5.05% while in repayment.

Hm, but he assumes that repayment rate is 5.8% for Leverage, when it could be as low as 5.12%. With 5.12%, it becomes the best option. Only problem is I don't really know how you get to 5.12%...I need to call them and ask.

 

[Meeher]

There's not as much information available with Grad Leverage. How does the rate drop to 5.12%?

I need to call them and ask. It's probably in the terms in the application, so I might do that and see.

 

[bretticus]

I need to call them and ask. It's probably in the terms in the application, so I might do that and see.

Hmm... that's interesting. I never saw anything about 5.12%, so that's why it's not in the sheet. Let us know what you find out.

 

[Meeher]

Hmm... that's interesting. I never saw anything about 5.12%, so that's why it's not in the sheet. Let us know what you find out.

Here is what it said when my assessment came back:

1. Loan Program
2. Amount Borrowed (per year)
3. Repayment Term
4. Effective APR: The yearly cost of a loan, including interest and the origination fee, expressed as a percentage and assuming an industry average borrower benefit qualification
5. Expected Cost: The total interest and any related fees paid over the term of the loan. The Expected Cost is calculated using the Effective APR

1. Graduate Leverage
2. $40,500
3. 10 Years
4. 5.12%
5. $99,965.00
Stafford: 0.0% fee, 1% immediate interest rate reduction. All students qualify. Best Case APR: 5.12%

T.H.E $40,500 10 Years 5.28% $103,605.00
Stafford: 0.0% fee, 1.3% bonus paid out as monthly credit to reduce interest cost, borrowers need to be less than 60 days delinquent. Qualification Assumptions for Effective Rate ACH - 95% qualification. Best Case APR assumes 100% qualification. Best Case APR: 5.23%

Sallie Mae $40,500 10 Years 5.68% $109,916.00
Stafford: zero fee, 0.25% for ACH, 3.33% loan credit based on original loan amount after 33 on-time payment. Effective Case APR assumes: 30% students qualify for ACH, 30% qualify for on-time payment. Best Case APR assumes 100% qualification on all benefits. Best Case APR: 5.42%

Their website is lacking any disclosures, which is annoying. And their application is also lacking, so I will call them tomorrow when they open and ask. Hope this company isnt high-risk, since I'd rather pay more and go with a larger, more established corporation like Sallie or THE, but we'll see.

 

[bretticus]

Hmmmm, their THE and Sallie Mae (Medloans) info isn't up to date, so take their comparisons with a grain of salt. Let us know what you find out.

I think the "effective APR" is deceiving. If you look at THE for example, the effective APR is 5.23%, even though a 1.3% reduction gives you a rate of 5.5%. They're calculating this effective rate based on other deductions like no origination/guarantor fees I believe. The actual rate is still 5.8%. Probably similar to how you have a rate for your savings account -- rate != APR necessarily.

 

[Meeher]

I think the "effective APR" is deceiving. If you look at THE for example, the effective APR is 5.23%, even though a 1.3% reduction gives you a rate of 5.5%. They're calculating this effective rate based on other deductions like no origination/guarantor fees I believe. The actual rate is still 5.8%. Probably similar to how you have a rate for your savings account -- rate != APR necessarily.

Ohhhhhhhh...good point! Haha no more !=...engineering is coming back to haunt me!!! I'll probably miss MATLAB once med school starts though hehe.

I'll call them tomorrow to make sure that's what they mean, but I think you're right.