What student loans dont contact the school directly?

[FishyCat25@aol.com]

I once got a Bank of a America Education Maximizer loan. I however dont think they exist anymore. The bank never contacted the school and only needed a copy of my registration. I been looking at the bank of america website now but it keeps directing me to another bank. The bank makes a point of saying the school will be contacted and they will decide how much i get.

 

Does anyone know if there any lenders who Do not send the check directly to the school or contact the school?

[DragonFlyer]

None that are legitimate educational loans that I know of.

[FishyCat25@aol.com]

Its odd becuase education maximizer didnt contact the school and they sent the check directly to me.

[tiggerlgh]

Why does it matter if they contact your school or not?

[Saria]

These loans are becoming increasingly rare. The only one I know of that might still be available is Wells Fargo's Education Connection loan.

[FishyCat25@aol.com]

Why does it matter if they contact your school or not?

 

 

Becuase I want to use it how I seem fit. I dont need the school saying well his classes are only xx amount so only give him that amount. Its my money and should spent it anyway i want to as long as its something thats going towards my education. Thats why I am looking for a loan that doesnt get involved at all with the school. I once did the Education Maximizer through BOA for my first two years and now needed another loan. Education Maximizer went out of business becuase i dont see them around.

[momma23]

Wells Fargo Education Connection loan does not contact the school and sends the check directly to you. Just recieved one recently myself, so I know that they still are offering this product.

[FishyCat25@aol.com]

Was it difficult to get a loan from them? What were your scores and who did they pull?

[Expanded Consciousness]

Interesting thread.

Anyone else have the scoop on Wells Fargo Education Connection?

 

EC

[superbroker]

The reason these loans are not being offered is because of borrower irresponsibility. I know through personal connections that students were using these funds for spring break, cars, HD TV's, etc. They would call whatever lender and literally be mad that the processing wasn't moving as quickly as they needed (ie..leaving for spring break next week...where's my $$). Stories of students who spent to much money they couldn't afford their tuition or partial tuition making them <half time or having to withdraw completely. Therefore they immediately went into their grace period with the new loan and due for payment. Unless you're trying to use the money for something other than the "cost of attendance" (tuition, food, transportation, room/board, misc.) the school should forward all overages to you once their tab is paid.

[b_fennell]

Looked at several loan packages from various banks....none are doing the no school contact anymore. Reasons...salamanders for one,,,,other reason you may have heard about a banking problem? Credit is tight everywhere.

 

Let us know if you manage to get one without getting it certified by the school.

[Expanded Consciousness]

Wells Fargo Education Connection is the only one in the industry that still does.

 

Bless them.

[b_fennell]

Anyone know what report Wells Fargo uses?

[pwscottiv]

Anyone know what report Wells Fargo uses?

Transunion

[pwscottiv]

Interesting thread.

Anyone else have the scoop on Wells Fargo Education Connection?

 

EC

They limit you to $100,000 for your total student loan debt.

[kjeanne]

Why does it matter if they contact your school or not?

 

 

Becuase I want to use it how I seem fit. I dont need the school saying well his classes are only xx amount so only give him that amount. Its my money and should spent it anyway i want to as long as its something thats going towards my education. Thats why I am looking for a loan that doesnt get involved at all with the school. I once did the Education Maximizer through BOA for my first two years and now needed another loan. Education Maximizer went out of business becuase i dont see them around.

 

 

I'm not sure exactly what your situation is, but most private loans let you borrow up to the cost of attendance which includes rent, transportation, food, misc, etc. in addition to tuition, fees, books, and supplies. Here in NYC I think that additional amount is at least $17000.

 

Basically, if you borrow up to the cost of attendance (minus other loans including fed loans) you should be able to go to school without any additional income (you'd have to live pretty frugally).

 

But, if you borrow the full cost of attendance, the school will give you the amount left after tuition, fees, health insurance, and dorms (but if you live off campus, you get that money for housing), and then you can use that how you see fit. Then you can always try to work a part-time job in addition to that.

[Expanded Consciousness]

Anyone get a Well Fargo PSL, non-certified, and with no co-signer, for this Sept?

[texaninfl7115]

I believe Wells Fargo is the only bank left that will do these non-certified, direct disbursement loans, which I personally think is nuts. Those types of student loans definitely have an SOL.