sarkel

I just got off the phone with the Fin Aid office at my daughters soon to be school. They have advised that ALL lenders (w/exception of Nat City) are now charging 2% orgination fees? Is this true, and does anyone know of any other lenders charging no fees at this time. Seems things have really changed lately.

sueinphilly

Discover Student Loans - Apply online for college loans

a part of discover card and discover financial services

NO FEEs for stafford loan. their lender # is 831312 and the guarantor is Great Lakes and their number is 755. I don't work for them (because this like the 5th time I have mentioned this website I don't want anyone to think I'm spamming). My son is using this and it was absolutely painless to get the school on board and do the online application. AND when I called the loan people, a real human answers the phone!

kelsmom

My D uses South Carolina Student Loans, and there is no origination fee. It is possible that the lenders your school encourages students to use all have the origination fee (except NC). However, you can use any lender you choose.

Please select wisely. It is best to keep all loans with the same company throughout the student's school career ... that makes it much easier to handle things come repayment time.

janetkc83

My son got his stafford loans through sallie mae and there was a fee paid. this is his fourth year of getting the loans and the first time any fees were charged.

okwjoe

thanks for the link

ej4jesus

My son got his stafford loan with Citi. They do have a 1% origination, but the rate drops by .5% once repayment begins...as well as another .25% for signing up for auto payment. The Discover loan has no origination fee but doesn't offer the .5% rate reduction.

Being in the mortgage business, I ran an amortization schedule. You are better off paying the 1% origination fee in return for the lower interest rate...even if you pay the loan off in only 10 years.