<p>I’m looking at this bank’s Fixed interest rate at 3.75% APR without orientation fees and I’m planning on going full deferment.
I also looked at a bunch of other banks that has fixed interest rates >6%.</p>
<p>I don’t understand how there can be such a big difference. You you think there is some hidden fee behind this bank or is it just really nice?</p>
<p>I’m not very knowledgeable about loans. Actually, today is my first time looking at them after realizing that there’s no way we can afford it all.
Do you know of any really good loans I can apply for?</p>
<p>Also, do you know of how to apply for types of scholarships for science majors. I’ve applied to all the scholarship for my school as well as a bunch of online ones but I haven’t heard back from any…so I must be doing something wrong.</p>
<p>Fafsa didn’t give me any grants this year. It’s weird because our income is so low that we have to resort to taking out loans. I try contacting my school’s financial aid office (GMU) by phone and email, but they’re not responding.</p>
<p>FAFSA does give you grants. It is a form that is used to calculate your EFC. That EFC determines your eligibility for federally funded grants. If your EFC was over $5000, you would not be eligible for the Pell grant.</p>
<p>Last year my cost was over 20,000 dollars but we didn’t get the pell grant even though we filled out the fafsa application.
We filled every part of the application that we could. I don’t see how we could have done it incorrectly.
Last semester, I was offered 3 loans (stafford (sub/unsub) and Plus) along with the Commonwealth Awd, but this time we got the same 3 loans but without any grants.</p>
<p>“It’s weird because our income is so low that we have to resort to taking out loans.”</p>
<p>What is your EFC according to FAFSA? Lots of people don’t qualify for Pell because their EFC is too high, but they still can’t afford to pay the full Cost of Attendance out-of-pocket. </p>
<p>How much can your family pay? If you are borrowing more than the Stafford Loan limit each year you are borrowing too much. GMU is too expensive for you. If you are a Virginia resident, you need to drop out of GMU and finish up your first two years at a community college so that you can save some money. If you are headed into your third year of college, you need to get a job so that you can work full-time and study part-time. Yes, it will take longer to complete your degree, but you won’t strangle yourself with college debt.</p>
<p>Last week, I started looking at loans, including starting a thread on plusloans. Bottom line , you spend 1/2 hr. on the phone for an advertised variable rate of 3.5%-9%, and although solid financials, plus have the cash for college, no collateral,(we are retired and dont own) 803 for credit score, no debt, ratio/loan very low (we can afford $800 per month) our rate is 6 3/4 variable. I would shop around but the bank is one of the top three lenders.</p>
<p>No, they are not just being nice. They actually mean “as low as 3.75%”</p>
<p>You always need to look at the fine print, and the footnote for this rate says:
</p>
<p>Their 3.75% example includes immediate repayment, a 5 year repayment term–and probably perfect credit. You won’t know YOUR rate until AFTER you apply, and as Mark2m suggests, that bottom rate can be elusive. The advertising for private student loans can be very misleading.</p>
<p>*Last year my cost was over 20,000 dollars but we didn’t get the pell grant even though we filled out the fafsa application.
We filled every part of the application that we could. I don’t see how we could have done it incorrectly.
Last semester, I was offered 3 loans (stafford (sub/unsub) and Plus) along with the Commonwealth Awd, but this time we got the same 3 loans but without any grants.
*</p>
<p>If you filled out FAFSA and didn’t get a Pell Grant, then that means that your EFC is too high. Your EFC has to be below about 5000 to get a Pell Grant.</p>