jpl291 Posted May 18, 2010 Share Posted May 18, 2010 Are there any private loans that are competitive with the subsidized Stafford loan? The subsidized stafford loan will cover all of my tuition and expenses, but I would like to know if there are any private loans that offer a better fixed rate? Link to comment Share on other sites More sharing options...
narcan Posted May 22, 2010 Share Posted May 22, 2010 I doubt it, unless you have exceptional credit perhaps. Link to comment Share on other sites More sharing options...
eonbluemantra Posted May 22, 2010 Share Posted May 22, 2010 I'm considering the Wells Fargo MedCap loan. It has a variable rate, but the highest rate right now is 7.25%, which is lower than a GradPlus loan. You have the option to make interest while in school or not. The MedCap loan is also a little easier to get approved for with or without a co-signer. It's worth a look at. Link to comment Share on other sites More sharing options...
PApey Posted June 17, 2010 Share Posted June 17, 2010 I have never taken out a loan and therefore know absolutely nothing about loans so I apologize in advance if my question appears silly. I was just wondering if anyone knows of a private loan that has a fixed interest rate at less than 8%? I'm just wondering if there is anything better than the Grad PLUS loan or is the Grad PLUS loan the best that it gets for us? I looked into the Wells Fargo Medcap loan, but variable interest rates scare me. Please provide me with some advice. Thanks! Link to comment Share on other sites More sharing options...
Administrator rev ronin Posted June 17, 2010 Administrator Share Posted June 17, 2010 I'm going to be using a home equity loan to fund my clinical year. Probably not a good option for most folks, but if you have the equity, the rates are substantially better than other options. Link to comment Share on other sites More sharing options...
priebe Posted July 31, 2010 Share Posted July 31, 2010 I actually got a WellsFargo MedCAP loan at 4.75% interest, which is highly competitive with Stafford loans. Things to consider however is that the interest rate is variable and the loans cannot be paid through government loan repayment programs. When comparing the GradPLUS loan at 8% Fixed with a 3% Fee, the MedCAP just made more sense for my situation. If I were to pay them off at the same rate over 15 years, I will "save" ~ $10k. Link to comment Share on other sites More sharing options...
MCHAD Posted July 31, 2010 Share Posted July 31, 2010 Are there any private loans that are competitive with the subsidized Stafford loan? The subsidized stafford loan will cover all of my tuition and expenses, but I would like to know if there are any private loans that offer a better fixed rate? I know i am a little late on this...but i thought i would chime in: Subsidized = the government pays your interest until you graduate...I have never heard of a private loan that will not charge you interest until you graduate, but maybe i am wrong Link to comment Share on other sites More sharing options...
Iain1028 Posted July 31, 2010 Share Posted July 31, 2010 Welcome to your new slave master Sallie Mae. We have been expecting you..... Studentloanjustice.org Link to comment Share on other sites More sharing options...
foreveryoung Posted August 1, 2010 Share Posted August 1, 2010 I would highly recommend asking a financial advisor about taking a variable rate loan atthispoint in time... Sooner or later- interest rates may get very ugly... So if you cannot pay it off soon- think very carefully. Good luck! Link to comment Share on other sites More sharing options...
Guest Joline12 Posted January 13, 2011 Share Posted January 13, 2011 Yeah I'm in the same boat as rev ronin - just got a home equity loan. I know it's not for everyone, but in some cases it can really be the best option. Research it though before. There's a lot of info on http://www.homeequityloan.net if you're interested. Hope that helps :) Link to comment Share on other sites More sharing options...
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