Student Loans

[SnB]

Does anyone have any reccomendations on a private student loan company?

 

I need some little extra money this semester to pay off books and put deposits down for my apartment next year, so the money would need to go straight to me and not through the school.

 

Anyways, i'm sure alot of you have had to go through this process, which company is best?

[southsider2k5]

Sallie Mae is pretty solid. You can manage your account from beginning to end on-line.

[SoxFan562004]

Sallie Mae is pretty solid.  You can manage your account from beginning to end on-line.

Yeah, I've had good experiences with them. They constantly send you paperwork, which is a good thing so you can keep track of your stuff. They're easy to access and talk to a live person when calling.

[Goldmember]

agreed. mine is through sallie mae, too. no problems, yet...

[Iwritecode]

A little off-topic but there's a comedian named Mike Sweeney that has a hilarious skit about Sallie Mae.

 

He talks about how the US hasn't been able to find Osama Bin Laden yet. Then says "Why don't we just turn his name over to the student loan people? Problem solved!"

 

"They found me in a bar shooting pool in Puson Korea. Three people the world knew where I was. Then the bar phone rings."

 

"Sweeny-San!"

 

"A phone call for me? Hello?"

 

"Hello, Mike Sweeney?"

 

"yes"

 

"Hi, this is Jenny from Sallie Mae."

 

"Wha? How did you find me?"

 

"We matched you DNA with some spit we found on a beer bottle in the jungle."

[RockRaines]

Yeah, I've had good experiences with them.  They constantly send you paperwork, which is a good thing so you can keep track of your stuff.  They're easy to access and talk to a live person when calling.

I hope they dont keep sending paperwork, im helping them with that.

[LosMediasBlancas]

A little off-topic but there's a comedian named Mike Sweeney that has a hilarious skit about Sallie Mae.

 

He talks about how the US hasn't been able to find Osama Bin Laden yet. Then says "Why don't we just turn his name over to the student loan people? Problem solved!"

 

"They found me in a bar shooting pool in Puson Korea. Three people the world knew where I was. Then the bar phone rings."

 

"Sweeny-San!"

 

"A phone call for me? Hello?"

 

"Hello, Mike Sweeney?"

 

"yes"

 

"Hi, this is Jenny from Sallie Mae."

 

"Wha? How did you find me?"

 

"We matched you DNA with some spit we found on a beer bottle in the jungle."

 

Good stuff/

[NorthSideSox72]

Does anyone have any reccomendations on a private student loan company?

 

I need some little extra money this semester to pay off books and put deposits down for my apartment next year, so the money would need to go straight to me and not through the school.

 

Anyways, i'm sure alot of you have had to go through this process, which company is best?

 

Great Lakes Credit Union (or something like that). We got a rate on my wife's loans that is around 2.75%, and will go down to 1.75% after two years of on-time payments. Plus they do auto-debit monthly if you want it.

 

I can't seem to find their web address - I'll update this post tonight with it.

[NorthSideSox72]

Does anyone have any reccomendations on a private student loan company?

 

I need some little extra money this semester to pay off books and put deposits down for my apartment next year, so the money would need to go straight to me and not through the school.

 

Anyways, i'm sure alot of you have had to go through this process, which company is best?

 

Great Lakes Credit Union (or something like that). We got a rate on my wife's loans that is around 2.75%, and will go down to 1.75% after two years of on-time payments. Plus they do auto-debit monthly if you want it.

 

I can't seem to find their web address - I'll update this post tonight with it.

[kapkomet]

Great Lakes Credit Union (or something like that).  We got a rate on my wife's loans that is around 2.75%, and will go down to 1.75% after two years of on-time payments.  Plus they do auto-debit monthly if you want it.

 

I can't seem to find their web address - I'll update this post tonight with it.

I know it's a private lender and all, but you won't have interest rates that cheap for very long. They will become fixed.

[NorthSideSox72]

I know it's a private lender and all, but you won't have interest rates that cheap for very long.  They will become fixed.

 

These are already fixed, for the duration of the loan, in our case.

 

Mind you, we got that deal in early 2004, and rates had pretty much bottomed at that time. I was just trying to illustrate that we got a really good deal from them, so they might be a good source now as well.

[Heads22]

Ugh. Loans.

 

The nice thing I have going at ISU is my work-study job. I worked 3 hrs a week @ 6.50 and had more than enough money to cover incidentals that semester. I started with 200 in that account and it's around 400 now. At the beginning of my second semester, I was able to switch to have my current 4 hours a week credited against my student loans through the university. It's 26 bucks a week, just change, I know, but even something like 300-400 bucks that I don't have to pay back later on my student loans is gravy.

[SoxFan562004]

Ugh. Loans.

 

The nice thing I have going at ISU is my work-study job. I worked 3 hrs a week @ 6.50 and had more than enough money to cover incidentals that semester. I started with 200 in that account and it's around 400 now. At the beginning of my second semester, I was able to switch to have my current 4 hours a week credited against my student loans through the university. It's 26 bucks a week, just change, I know, but even something like 300-400 bucks that I don't have to pay back later on my student loans is gravy.

Through scholarships and parents help I was able to get out of Elmhurst with no loans, so I have my law school loans only. The interest rate that is fixed on my federal loans are great, the private is a little high, but you have to think about years 10-20 of paying it. When it gets to that point time value of money really kicks in.

[SnB]

Ugh. Loans.

 

The nice thing I have going at ISU is my work-study job. I worked 3 hrs a week @ 6.50 and had more than enough money to cover incidentals that semester. I started with 200 in that account and it's around 400 now. At the beginning of my second semester, I was able to switch to have my current 4 hours a week credited against my student loans through the university. It's 26 bucks a week, just change, I know, but even something like 300-400 bucks that I don't have to pay back later on my student loans is gravy.

yup, i have something like you alex. I work in the cafeteria around 10 hours a week at about $8/hr. It's not much, but it helps cover the little things when they come up.

 

But saying that, just about all my savings have been sucked up helping pay tuition already and my last 2 years are going to be filled with loans.

 

Oh well, it could be much worse.

[IlliniKrush]

I just have the student loans through the school for tuition help...i think i'll end up owing around 17K when all is said and done, and i have to start making payments in November.

[santo=dorf]

QUOTE(IlliniKrush @ Jan 27, 2006 -> 01:33 AM)

I just have the student loans through the school for tuition help...i think i'll end up owing around 17K when all is said and done, and i have to start making payments in November.

<{POST_SNAPBACK}>

Quit wasting your money on Blackhawk tickets!

 

Damn, I finished college with money left in the bank. Good luck to you guys paying your bills.

[Drew]

Does anyone have any reccomendations on a private student loan company?

 

I need some little extra money this semester to pay off books and put deposits down for my apartment next year, so the money would need to go straight to me and not through the school.

 

Anyways, i'm sure alot of you have had to go through this process, which company is best?

 

A few years ago when I lived in Minneapolis I had a desk job with a student loan servicer, three different private lenders we worked with. Minnesota Higher Education Servicing Office (MHESO). Unless they've changed their policies, you can get them even if you are not attending a school in the state of MN, or a non-resident. I am pretty certain U of I was an eligible school, as were several other schools in IL, both state and private.

 

The private lenders we serviced disbursed the money to the school who then applied it to your account, and any overage you were allowed to withdraw, depending on the school's policies.

 

For the rest of you, for the love of God and all that is holy don't ever get a CEFA loan. Like Terry Benedict, they'll kill you, and then they'll go to work on you. Of course that only applies to about two dozen schools in California, but I can tell you tales of students calling in tears because CEFA was relentlessly demanding $800 a month on $80,000 balance for some poor second-year Pepperdine kid.

Edited January 27, 2006 by Drew