Refinanced my SLM loan

turbomax97

turbomax97

What can brown do for you?
As we all know, SLM is the devil.

Me, and both of my parents have credit scores 800 +. SLM financed the ATP Private and ACPP program @ a rate of 13.25, which I accepted due to time limitations, knowing that it is easier, and you get a better rate, when refinacing. Fortunately it worked out.

So I refinanced with Wachovia's private education loan refinancing program. They refinanced to 9.25%, which brings payments from 980/ month to 540. Good stuff. I know a lot of you guys are worried about that payments, so here's an option. I've been researching for a long time, and it seems that in order of best deals for refinancing a private loan, this is what I got.

Wachovia 9.25%, no origination fee
Citibank 10.75% 1 - 3% origination fee, immediate payment required
Nelnet 11.25% 1-3% originatio nfee, immediate payment required.
 
turbomax97 said:
As we all know, SLM is the devil.

Me, and both of my parents have credit scores 800 +. SLM financed the ATP Private and ACPP program @ a rate of 13.25, which I accepted due to time limitations, knowing that it is easier, and you get a better rate, when refinacing. Fortunately it worked out.

So I refinanced with Wachovia's private education loan refinancing program. They refinanced to 9.25%, which brings payments from 980/ month to 540. Good stuff. I know a lot of you guys are worried about that payments, so here's an option. I've been researching for a long time, and it seems that in order of best deals for refinancing a private loan, this is what I got.

Wachovia 9.25%, no origination fee
Citibank 10.75% 1 - 3% origination fee, immediate payment required
Nelnet 11.25% 1-3% originatio nfee, immediate payment required.
Click to expand...

Wachovia is a great option but I was unaware that they did refiancing? When I spoke with them they told me they give private loans out but stated they had nothing in place yet for refinancing private loans yet? Information would be great.
 
Thanks for posting this! I'm going to go to my local branch on Monday and talk with them.

Is that a fixed rate though?
 
Airdale said:
Thanks for posting this! I'm going to go to my local branch on Monday and talk with them.

Is that a fixed rate though?
Click to expand...

Not if its a private loan its not.... Its variable and typically prime plus one I do believe..... Just the same loan he had at ATP through SLM just a lower APR added to prime......
 
I did my ATP loan through Wachovia at 11.25% with no origination fee or co-signer. Overall, I was impressed with the application process.
 
turbomax97 said:
As we all know, SLM is the devil.

Me, and both of my parents have credit scores 800 +. SLM financed the ATP Private and ACPP program @ a rate of 13.25, which I accepted due to time limitations, knowing that it is easier, and you get a better rate, when refinacing. Fortunately it worked out.

So I refinanced with Wachovia's private education loan refinancing program. They refinanced to 9.25%, which brings payments from 980/ month to 540. Good stuff. I know a lot of you guys are worried about that payments, so here's an option. I've been researching for a long time, and it seems that in order of best deals for refinancing a private loan, this is what I got.

Wachovia 9.25%, no origination fee
Citibank 10.75% 1 - 3% origination fee, immediate payment required
Nelnet 11.25% 1-3% originatio nfee, immediate payment required.
Click to expand...

Can you go through Wachovia if they have no agreements with said school?

Because alot of these places who are great alternatives to SLM have to have a pre-existing relationship with said school.

Which sucks...
 
980 a month?

That's murder. Why would anyone even accept that type of payment amount.

All for the dream to fly huh?

Glad you were able to refinance, but 540 is still a lot of money.

I'm happy with my 225 a month, lol.
 
surreal1221 said:
980 a month?

That's murder. Why would anyone even accept that type of payment amount.

All for the dream to fly huh?

Glad you were able to refinance, but 540 is still a lot of money.

I'm happy with my 225 a month, lol.
Click to expand...

How much did you finance, and what were the terms of your loan?
 
killbilly said:
How much did you finance, and what were the terms of your loan?
Click to expand...

20k, and for 15 years. 10.25% from SLM.

I'm actually very happy they didn't approve me for my original request of 40k.

I just don't know how some people can rationalize taking out a loan, with a monthly minimum payment of almost a grand a month. . .that's a damn mortgage on a house.

My mortgage is $980.
 
turbomax97 said:
the 9.25% is variable. Regardless a helluva better deal than I had. Either way the plan is to pay it off within 2 years, but the lower interest rate helps by all means. I applied online.

http://wachovia.com/personal/page/0,,325_496,00.html

It's the zero fee wachovia education loan. No origination fee etc. Terms are the same as SLM basically.
Click to expand...

Okay..but can you use this loan to go to ATP, or Skymates et, al? They both don't have a relationship with Wachovia.

And the Wachovia loan states that it's for undergraduates & graduate students.

So anyone know if you can apply for this loan and have the check sent to you and attend any (flight) school of your choice.

Or would it be better to get a loan with SLM, and then just refinance with Wachovia?

Really, don't want to be raped by the SLM!
 
Call and find out. Definately do your homework, I've spent months before deciding so there's a good amount of research. Lots of fine print to be had.
 
Maximillian_Jenius said:
Okay..but can you use this loan to go to ATP, or Skymates et, al? They both don't have a relationship with Wachovia.

And the Wachovia loan states that it's for undergraduates & graduate students.

So anyone know if you can apply for this loan and have the check sent to you and attend any (flight) school of your choice.

Or would it be better to get a loan with SLM, and then just refinance with Wachovia?

Really, don't want to be raped by the SLM!
Click to expand...

Not sure about Skymates, but you can use the Wachovia loan with ATP. I know it for a fact as that is how I am sitting here now.

Wachovia does not disburse directly to the student. You can borrow more than the cost of the program to cover living expenses and checkride fees, etc. Any excess amount is issued to you in a check from ATP.

I applied directly on Wachovia's website. It took two days for the approval and a couple weeks of faxing proof of income and residence around. The loan you are looking for is the Wachovia Zero Fee Loan http://wachovia.com/personal/page/0,,325_496_8294,00.html.

Hope that helps.

- Matt
 
surreal1221 said:
980 a month?

That's murder. Why would anyone even accept that type of payment amount.

All for the dream to fly huh?

Glad you were able to refinance, but 540 is still a lot of money.

I'm happy with my 225 a month, lol.
Click to expand...

Where are you doing your training at?
 
You must log in or register to reply here.
Back
Top