A Bunch Of Qts Re: Private Student Loans. Input appreciated.

Paying for College
1

<p>Now that it is getting close to the Fall '08 semester, I am getting ready to apply for private school loans two weeks from now. Returning to school in my 30s to finish my degree. Yes, Federal, scholarships, etc have been maxed out.</p>

<p>Is it best to apply in person vs on-line/over the phone? I plan on stopping by the new Citibank branch in Harvard Square for my first attempt.</p>

<p>Have you heard any positive or negative feedback on any of these that I'm considering: Citibank, Chase, Wachovia, Campus Door, Nelnet, Suntrust, Edamerica, Wells Fargo, US Bank, SunTrust Bank, Student Loan Network, Discover, StudentLoans, Campus Door, College Loan Corp, My Rich Uncle, Massachusetts Educational Financing Authority (anyone use this state-bases lender)?</p>

<p>Who are the biggest and most secure lenders in the industry? </p>

<p>Anybody use peer-to-peer lending?</p>

<p>I plan on attending graduate school after undergrad. Are all private loans deferrable until after grad school? Is this a common feature of any private loan or does one have to be careful that although it says payments begin 6 months after the 4 years of undergrad, that deferment is extendable if one attends grad school?</p>

<p>Any info on credit scores, Fico, finding out which lenders pull which score (TU is my highest) so I can target those lenders?</p>

<p>Best to apply to all the lenders in a single two week period, so it hopefully only hits one's credit report once? Or is it best to apply to only a select few lenders because each time you apply it lowers your credit score?</p>

<p>Do you have a preferred lender list of companies from your school that might be useful for anyone to use?</p>

<p>What kind of terms in loan offers should I beware of? What mistakes have you seen people make? I should look for a low APR, no origination fees, discounts, rebates, etc?</p>

<p>Know of any other websites or books covering private student loan that you can recommend?</p>

<p>As always, any useful information at all is very, very much appreciated.</p>

<p>Thanks.</p>

<p>Rags</p>

<p>P.S. Let's not start a the-evils-of-private-loans thread here. There are enough of them around. I know the dangers.</p>

2

<p>Since you have a credit history, why not approach the bank you currently use. Go for the lowest interest rate. Try to pay the interest as you go. How much more school do you need for your degree. Consider that you'll be paying back loans at the same time you should be starting to save for retirement.</p>

<p>Do you have any savings??? a retirement plan (they say don't borrow/spend that but imo using it for education is a valid reason to tap those funds).</p>

3

<p>One word of advice....do not use My Rich Uncle. I have seen other students whose loans got severely delayed and even not received when they used this lender. They are also very unscrupulous. </p>

<p>Have you already exhausted your federal and state funding? And have you looked into specialized programs designed for non-traditional students. There are many out there that allow the adult student to continue working while attending college and the degree is earned in the same amount of time.</p>

4

<p>MEFA announced recently that it can no longer fund its Federal student loans.
<a href="http://talk.collegeconfidential.com/financial-aid-scholarships/494895-mefa-stop-offering-loans.html?highlight=MEFA%5B/url%5D"&gt;http://talk.collegeconfidential.com/financial-aid-scholarships/494895-mefa-stop-offering-loans.html?highlight=MEFA&lt;/a&gt;&lt;/p>

<p>If it can still fund private loans, I'd suggest them. As a non-profit governmental agency, they really seem to have the student's interests, not the bank's, at heart.</p>