I was wondering what companies provide the best private student loans. Best rates and repayment terms. I want to get something that is longer than a 48 month deferment but it's not mandatory. Any ideas or suggestions? Experiences?

Thanks
Tools

I posted this earlier in the credit forum on accident.

Is this assuming you've already gone through all the Federal loans, etc?

From http://www.finaid.org/loans/privatestudentloans.phtml

The best private student loans will have interest rates of LIBOR + 2.8% or PRIME + 0% with no fees. Such loans will be competitive with the Federal PLUS Loan. Unfortunately, these rates often will be available only to borrowers with great credit who also have a creditworthy cosigner. It is unclear how many borrowers qualify for the best rates.

That link has a list of different lenders. Happy Shopping.

Yes, we get these, but they really don't cover all we need.

Tools

I have been reading the above link for two days! I was looking for some personal experiences because the loan rates displayed on all those sites are "with appproced credit" which could mean that few actually get them.
Thanks again,
Tools

I can't speak to the "best" loans ... but I will say that most of the private SLs I've seen have pretty high interest rates ... in the 15% range. So, I don't know what your rate would be personally. I think the best way to find out would be to call some lenders and ask ...

Speaking strictly as sales rep for private lender. A fair amount of people do not get approved. Out of the people that do get approved, very few of them qualify for the best rate.

For the loan that I took apps for, you had to basically meet this credit criteria. 2yrs of steady income, 2yrs of revolving credit history, and no bk in the last 10 yrs. We strongly stress a cosigner on the loan b/c most students applying on their own don't qualify. for in house stats that we try to meet. We look to take an app on 1/3 of each inquiry calls, and probably 1/3 of the apps taken are approved.

Your not going to get approved if you don't apply.

Wow, those are some pretty discouraging statistics - 33% are approved? and that's only ... what? A sixth of the calls you take?? Wow.

Yeah, but you have to remember I don't have access to the exact stats. probably 2/3rds of our sales calls have info only requests. I don't have a clue about how people hang up, visit the website to apply. Or they make multiple calls and on the fourth or 5th call they can finally complete the application.

Remember the line about lies, damn lies and statistics.

I have a cosigner who meets the above criteria. She also has a EX 795 Fico. Not sure of the other two but I imagine they are close. I think I would get approved. I just wanted to see at what APR but most want the INQ first.

Tools

It's impossible to guarantee an apr in my experience. I'd tell you the current range of interest rates we offer. The cost of doing business fees do affect the apr in the first yr, plus also we don't know what the apr is going to be when you factor in interest capitalization if you defer payments. It'll be disclosed in paperwork that would be sent to you after passing the inq.

I received a loan through CitiAssit at prime + .0325% and no fee.I had a 630 EQ score at the time. I thought that was pretty good considering my score.I havne't used it yet. School doesn't start until January. My EQ is now 660+. Think I'd get a better rate if I reapplied?

I don't think it can get much better than that. I've never seen a rate so low before.

I wonder if it varies with the school? I'll be at Florida Atlantic Univ. It is part of their Executive Education program. Maybe that makes a difference?

It could be. Frankly, I was surprised that your score was 630 and you got such a low rate. What was depressing your score? Collections, utilization, something else?

I have three collections from 2000-2001. They are all less that $100 each. I think there may be a late around that time too.I also have a long credit history back to 1985. My utilization is about 22%.