<p>Has anyone used this loan program offered by Princeton? Its terms seem to be really good including low interest rates, both variable and fixed, and repayment terms. Any negative feature that I may have missed? </p>
<p>We do not qualify for need-based financial aid and do need loan to cover about two-years of COA in loan. </p>
<p>Also, I'd appreciate if anyone can offer other good loan programs.</p>
<p>Thanks!</p>
<p>We’re using it. No negatives. The variable rate has been floating around a little, but so far always under 2%. I’m unaware of a better loan deal anywhere for anything. Customer service has been good, too.</p>
<p>Just one more thing to love about Princeton.</p>
<p>We’ve used it and it’s the best deal going. My H still can’t believe how low the interest rates are and we’ve had no problems with the program.</p>
<p>Thanks for confirmation. I just thought it was too good to be true since other schools of similar level that DD has been admitted to don’t seem to offer comparable loan programs.
As her parents, we think Princeton is a clear choice for DD (for many reasons including the loan program.) Beside Princeton, DD is also considering Stanford which doesn’t seem to offer a loan program comparable to Princeton’s. If she decides to attend S, then our best financing option will be HELOC or other home equity loan, but it may or may not provide enough money, I’m afraid.</p>
<p>We too are interested in the parent loan program at Princeton since our DS was accepted EA in December. A question - can varying amounts be borrowed from year to year (ie - 10k one year and 5 k the next) and if so how does it affect the payment amount? It appears to assume you take the same amount from year to year (ie - if you borrow 10k year one, the payment is based on a total of 40k loan).</p>
<p>As I recall, they initially set the payment based on the projected total loan amount amortized over 14 years. We’ve ended up borrowing less than we were originally approved for, but our payment is still based on the higher original projected amount. As such, we will have the loan fully repaid in less than 14 years. A loan administrator indicated that we could request to have the payment recalculated and lowered to reflect the full 14 year term if we choose.</p>
<p>Thanks so much, Sherpa! Very helpful!</p>