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My Rich Uncle Student Loans

Ellen Said:

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

We Answered:

Most of the lenders you listed are all long time viable student loan lenders; however, right now in the economic situation we find ourselves in there is no such thing as a secure education loan lender. Many of them are either withdrawing from the Federal or Private loan programs. MEFA for instance is either not doing federal, or not doing private loans. There have been so many changes it is hard to keep track of them.

For a good read and information about the leading lenders out there check out this link to finaid.org: http://www.finaid.org/loans/lenderlayoff…

They have a quality up to date list with who is still in the business.

I agree with Found-1 that you should probably start an excel sheet to track each lenders product and what is available. Here is the list of questions I would ask them about their product to track by comparison:

Interest rate (these are always variable and based on the economy)
Min & Max amounts you can borrow per year
Aggregate amount you can borrow
Grace period after graduation (how many months)
Origination fees
Repayment fees
Repayment benefits such as deferment/forbearance if you should get into trouble financially - what will they do for you.
Can it be deferred again when entering grad school?
Repayment Period (how many years to repay loan)

This was just a quick list off the top of my head that you should be knowledgeable about before taking a loan from a company. Putting them into a spreadsheet will give you an easy way to compare the loans that meet the criteria that best suit you.

Hope this helps.

Beatrice Said:

private student loans for college?

We Answered:

Private student loans have very high interests. If possible, try to get a federal loan. I have three student loans, two private and one federal. I can't consolidate them because the interest rate would be the same and I would have more fees, so I am paying three seperate payments a month. You will be hard pressed to find a private loan with low interests. However, have your mom and dad check what their employers offer, one of my loans is through my dad's work (he had to cosign though), and it's lower than 16%. Good luck!

Nelson Said:

is myrichuncle.com or salliemae a better place to go through for a federal student loan?

We Answered:

I would go with Sallie Mae. My rich uncle hasn't been in business that long and they play dirty pool with their advertising. If they were that great, why would they have to run down the competition.

Joyce Said:

Need a student loan that is directly dispersed any suggestions on where I can apply?

We Answered:

I am 95% sure Wells Fargo is the only company that still does loans that go directly to the student. I spent an hour the other day looking for another one.

Emma Said:

Private Student Loans? What's the Best company!?

We Answered:

Low interest is the secret. I found interesting information about your answer, the best college loans, here.http://all-student-loan-consolidation.bl…
Good luck!

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