CFS (College Funds Distribution Center

[RedRockClimber]

I just got a letter in the mail from these guys offering a loan of up to $30,000 for college stuff, based on credit. I want to know if they are legit? Do they really ever do the whole $30,000? What interest are we REALLY talking? Who do they pull? Any other info you care to share.

[snowpuppy]

Interest rates on alt loans are usually tied to credit. If you get pre-approved, they can tell you what your rate is. They usually don't do it before they pull credit. Alt loan qualifications seem to be a closely guarded secret.

 

As for the $30k, it is usually based on the school's cost of attendance. So if your program (tuition/fees/dorm/misc) costs $10k a year, you will only be eligible for the $10k (minus any other aid). Legit alt loan lenders usually ask the school to certify to the lender that you are enrolled and eligible for the loan.