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  1. #1
    akwasiatta is offline Member 510 points
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    Choosing a lender for stafford

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    I would truelly appreciate any input from current and past students about which lender for federal stafford loan better served Ross students. Pls speak freely about the pros and cons of preferred lenders. I did a search but was unable to attain enough info. This tread if well discussed can serve as a resource for future "searchers"

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    jar22 is offline Member 510 points
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    I did a bit of research about preferred lenders, and these bunch of crooks charge you with 1% origination and 1% default fees on stafford and 3% origination fee on Gradplus loand and 1% default fee on top of that.

    there are so many other lenders out there that are not under preferred lenders and DO NOT charge any origination and default fees. so keep looking guys and stay away from the preferred lender. they just take advantage of the innocence of students dealing with this for the first time.

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    MD0510 is offline Newbie 510 points
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    Quote Originally Posted by jar22 View Post
    I did a bit of research about preferred lenders, and these bunch of crooks charge you with 1% origination and 1% default fees on stafford and 3% origination fee on Gradplus loand and 1% default fee on top of that.

    there are so many other lenders out there that are not under preferred lenders and DO NOT charge any origination and default fees. so keep looking guys and stay away from the preferred lender. they just take advantage of the innocence of students dealing with this for the first time.
    jar22, which lenders dont charge any origination or default fees? I'm having a hard time finding some good lenders.

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    novamd is offline Member 510 points
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    i use wachovia. easy to apply....you only have to fill out one application for both sub and unsub per semester. wachovia, like most places, charges a 1% fee to make the loan but that's it as far as i'm aware of. a lot of people use aunt sallie too, but their applicaiton takes a bit longer from what i hear.

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    Laconic is offline Member 510 points
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    correct me if i am wrong, but I think wachovia is being sold/acquired.

    http://www.wachovia.com/inside/page/0,,134_307^1803,00.html
    If you aint got it in your genes, sweat it out.

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    jar22 is offline Member 510 points
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    Quote Originally Posted by novamd View Post
    i use wachovia. easy to apply....you only have to fill out one application for both sub and unsub per semester. wachovia, like most places, charges a 1% fee to make the loan but that's it as far as i'm aware of. a lot of people use aunt sallie too, but their applicaiton takes a bit longer from what i hear.
    and what about the default/guarantee fee? what about the federal plus loans where they charge 3% on origination fees? im trying to work with other lenders that charge less.
    ill post something once I get it finalized.

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    novamd is offline Member 510 points
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    ya, wachovia was getting bought by citibank and now is getting bought by wells fargo, which offers the exact same rates. The staffords and PLUS loans are gov't regulated so all lenders will have the same interest rates on those loans. Some of the 1-time fees may vary, but not too much. If you need private loans (i.e. have a family w/ you on the island) then those will vary from bank to bank.

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    iceskaterbadmintonchamp is offline Newbie 510 points
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    Loans, Stafford, Federal,

    Hi Everyone,
    Can one of you guys tell me exactly what perecent interest rate a Ross student pays on federal loans? Do they start charging interest rates right away or only after your graduate? Is there a pre closure penalty? can it be refinanced at a later time?

    Are you able to obtain 100% of the money needed for each semester from federal loans?

    Please help as I have never taken out loans before.

    Thanks a lot.

  9. #9
    jar22 is offline Member 510 points
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    Quote Originally Posted by iceskaterbadmintonchamp View Post
    Hi Everyone,
    Can one of you guys tell me exactly what perecent interest rate a Ross student pays on federal loans? Do they start charging interest rates right away or only after your graduate? Is there a pre closure penalty? can it be refinanced at a later time?

    Are you able to obtain 100% of the money needed for each semester from federal loans?

    Please help as I have never taken out loans before.

    Thanks a lot.
    Stafford - 6.8% ( 1% originatin fee and 1% default fee)
    subsidized - Govt pays interest while you're in school
    unsubsidized - you (student) pay the interest while you're in school

    Grad Plus - 8.5% (3% origination fee and 1% default fee)
    -you pay the interest here as well while you are in school

    stafford + Grad plus = about $25K

    pls ask specific lenders for other specific questions because the answers differ from lender to lender.

  10. #10
    akwasiatta is offline Member 510 points
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    thanks for the info, pls keep posting...

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