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Loans from Discover, Citibank, PNC, and/or Suntrust


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What made you choose this lender over all the others?

 

... I'm guessing this was directed at me? I spent some time looking at a number of loans options, and this discover had the best option out of all that I looked at. I'm not saying its the best out there.. I only spent about 2 days looking, but it was the best I found during that point in time. PLUS it is better than the federal stafford. I'm only conditionally accepted to my program until I pass a medical terminology exam (which I'll be taking in the beginning of June). So after that point I will be able to work with the financial aid office and finalize everything. When I do that I would be happy to post on here and update everyone.

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How is a variable interest rate loan better than Stanford's fixed rate? While 6.8 for direct loans and 7.8 for plus loans is high, at least the rate is locked in. Federal loans offer more protections by way of forberrance and deferment as well. Just something to consider.

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I have an undergrad private loan from Wells Fargo that is at 4.25%. You can get lower rates than from the government if you have excellent credit or cosigners with excellent credit. On the other hand, private lenders tend to be less forgiving/flexible with repayment terms, forbearance, etc. Just make sure you look closely at all of your options before making a decision.

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I'm looking at loans from Suntrust, as well as Sallie Mae. Sallie Mae variable rate is as low as 1m Libor + 2% = 2.25% with NO FEES! That's WAAAAAAAAY better than a federal grad plus loan of 7.9% with 4% fees! (obviously variable vs. fixed is comparing apples to oranges, but still!)

 

Suntrust claims to offer a FIXED rate loan of as low as 3.4%, also with NO fees!

 

With private options seemingly so much better than federal grad plus, can anyone tell me any reason why one would choose grad plus? My financial aid office thought that some loan repayment programs won't pay back private loans, so only federal loans would be eligible – is that true?

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With private options seemingly so much better than federal grad plus, can anyone tell me any reason why one would choose grad plus? My financial aid office thought that some loan repayment programs won't pay back private loans, so only federal loans would be eligible – is that true?

 

My mom brought up the same question. I don't know. I would imagine it would depend on where you are working. For example, if you are working as a NHSC member I'm sure that only covers government aid (since it's a government agency). I asked a new PA grad who is working for the cleveland clinic, and he said they just give you the $5,000 check, so you could put it towards either. I am going to do both public and private, just to be safe!

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For example, if you are working as a NHSC member I'm sure that only covers government aid (since it's a government agency).

 

Apparently, NHSC can be used to pay for commercial loans. This is from the NHSC loan repayment policy manual:

NHSC LRP applicants must have qualifying educational loans.

(1) Qualifying Educational Loans

  1. An NHSC LRP participant will receive loan repayment funding to be applied to theprincipal, interest, and related expenses of outstanding Government (Federal, State, orlocal) and commercial loans for undergraduate or graduate education obtained by theparticipant for school tuition, other reasonable educational expenses, and reasonableliving expenses.

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