For a huge list of private educational lenders, check out this page of FinAid.org: http://www.finaid.org/loans/biglenders.phtml
The Top Ten educational lenders are...
1. Sallie Mae
2. Citibank
3. Bank One
4. Bank of America
5. Wells Fargo
6. JP Morgan Chase
7. First Union (Classnotes)
8. College Loan Corporation
9. US Bank
10. Access Group
(Now, this is actually a list of the top private lenders dealing in federal loans. However, many [if not all] of these private lenders also deal in private loans. For either loan type, they're well worth looking into. In fact, don't go for a company that's too obscure -- there's no security there.)
With private loans, the interest rate you will get with each company will vary based on your credit rating. Some rates may be as low as Prime minus .5% or more. Others can be high (Prime + 6% or more). Most companies structure their rates this way (as Prime + a specified margin or LIBOR + a margin), so it helps to know what Prime and LIBOR are at any given moment in time. If you don't like the variable rate structure, seek out "fixed" or "flat" rate loans instead.
2006-06-12 14:57:10
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answer #1
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answered by FinAidGrrl 5
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