Which lender?

[Locuscoeruleus22]

To current students and grads:

Which lender did you go through, salliemae or mymedinvest? Are there other lenders we can go through? Thanks.

[MylifeatDominica]

i want to go on a date with sallie, i heard that her sister mallie mae is also a good looking one.

[Locuscoeruleus22]

I checked mymedinvest, and they're offering for Fed Grad Plus:
7.9% fixed rate instead of 8.5%
3% of your loan amount subtracted from accrued interest

For Stafford they're offering:
No origination fee (which is usually 1%)
0%-1% default fee depending on the guarantor
3.5% cash rebate on original principle balance.

Salliemae is offering for Stafford:
No origination fee (which is usually 2%)
No default fee (which is usually 1%)
2% rebate based on the original amount of the Stafford loan. The rebate is payable as cash or a loan account credit.

For Fed Grad Plus:
No default fee (1%)
Earn up to 3% in account credits:

A 1% account credit based on the original loan amount after making the first six monthly payments by the due dates as initially scheduled.
An additional 2% account credit after making the first 48 payments by the due dates as initially scheduled.Which lender is offering a better deal?

[Locuscoeruleus22]

i want to go on a date with sallie, i heard that her sister mallie mae is also a good looking one.


Interesting...but which lender did you choose or is going to choose?

[MitchDC]

Keep this in mind. You will not get ANY of the repayment benefits if you consolidate your loans. Be careful.

-M

I checked mymedinvest, and they're offering for Fed Grad Plus:
7.9% fixed rate instead of 8.5%
3% of your loan amount subtracted from accrued interest

For Stafford they're offering:
No origination fee (which is usually 1%)
0%-1% default fee depending on the guarantor
3.5% cash rebate on original principle balance.

Salliemae is offering for Stafford:
No origination fee (which is usually 2%)
No default fee (which is usually 1%)
2% rebate based on the original amount of the Stafford loan. The rebate is payable as cash or a loan account credit.

For Fed Grad Plus:
No default fee (1%)
Earn up to 3% in account credits:

A 1% account credit based on the original loan amount after making the first six monthly payments by the due dates as initially scheduled.
An additional 2% account credit after making the first 48 payments by the due dates as initially scheduled.Which lender is offering a better deal?

[Locuscoeruleus22]

Mitch, if I understand you correctly, I should opt for medinvest because I'd get a lower rate on the Grad Plus Loan RIGHT NOW.

Medinvest has a origination fee for the Grad Plus Loan of 3%, but they subtract that from your accrued interest after 180 days. So it seems to me, all things considered, medinvest is a better option bc of the lower interest rate for Grad Plus.

[Locuscoeruleus22]

Is it better to go with a lender that's offering a fixed interest rate of 7.9% at disbursement and for the life of the loan or to go with one that's offering fixed 8.25% at disbursement but that can go down to 7% at repayment?