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Old 06-18-2013, 01:30 AM
 
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im bummed nfcu no longer does as i was hoping to go through them, but they say due to regulation changes they no longer offer them.
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Old 06-18-2013, 09:08 AM
 
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The Health Care and Education Reconciliation Act of 2010 ended the subsidies private banks used to receive to administer federally insured loans (like stafford loans). This meant that all federal loans would now be administered directly by the government (before this you could get federal student loans from any bank).

So some banks decided to start offering private student loans (if they didn't already). Depending on the profitability of those loans, as of 2013 some banks still offer private loans (like apple cu), while others (like nfcu) either never offered anything else after federal loans went away or private loans weren't profitable enough.

The rate on the apple cu private loan is ridiculous (7+%) considering federal loans are down to 3.4% (at least for now) and the fact that you used to be able to get private loans right at the prime rate (3% as of now). Wells Fargo has much better rates.
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Old 06-18-2013, 06:36 PM
 
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nfcu never offered "student loans" but did offer other federal, consumer and "signature" loans. however, i heard that they are looking to offer specific student loans in the near future. tons of regulations now, including CFPB and NCUA coming down on everything, which passes all the additional costs towards the consumer.
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Old 06-18-2013, 11:11 PM
 
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im trying to figure out who my best is to go through for a student loan. i know CU are better for personal loans than traditional banks, so im debating going through apple credit union or sallie mae. im 10k short in federal aid, for my first year. hopefully by the time my senior year hits, ill be considered instate.
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Old 06-19-2013, 08:13 AM
 
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Is it possible to transfer to a cheaper school where you are considered in-state from the start? If you are 18 I'm sure you could, but you could be talking about grad school or going back to school later in life as well.

No one wants graduates and wishes they had more debt; plenty of people wish they went somewhere cheaper.
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Old 06-19-2013, 02:38 PM
 
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well im going out of state lol thats why. had mason not changed things on me, i would stay in va but for now time is against me not the money.
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