Loans

**LifeWontWait** · December 21st, 2007, 02:17 PM

I am sure it would be benificial for people on these forums (including myself) to have some list of options for loans to go to art school. Sallie Mae seems to be the most common but there must be some other options.

What I myself am interested in is if anyone knows of any career training loans (loans you can get for certificate programs) that have a non-variable interest rate. The Sallie Mae loans have variable interest rates with no cap... a bit scary if you ask me. In 6 years the prime could be 12% or higher! Yikes.

I sure hope there isn't already some official thread on loans because I tried a search and didn't find much information.

**Kevinstarlight** · December 21st, 2007, 02:51 PM

That‘s a good topic you are bring up here. This is actually one of the essential key going to a Private Art school. I am pretty new learning/understanding the loan thingy. If anyone knows other forums web side please, share…. LiftWontwait
does make a point!

**Maxine Schacker** · December 21st, 2007, 04:44 PM

Have you looked into My Rich Uncle?

**LifeWontWait** · December 21st, 2007, 05:10 PM

Originally Posted by Maxine Schacker

Have you looked into My Rich Uncle?

No, what is his name and how do I get ahold of him?

**LifeWontWait** · December 21st, 2007, 05:13 PM

Heh, I just did search on google... I thought you were just joking but then I noticed the "My" was capitalized. It says on their webpage:

"Our APR is 8.80%
This is based on a variable interest rate equal to the 3-month LIBOR Rate (5.36% as of July 1, 2007) plus the interest rate margin of 3.4% during your deferral and 3.5% during repayment. The origination fee is 0%"

I would really like to find one if possible that isn't based on variable interest rates. Right now the APR is 8.8% but in say 5 or 6 years it could easily be WAY higher. I am starting to think there isn't anything with a non-variable interest rate.

EDIT: I don't really know much about this stuff but I have heard the LIBOR rate is a bit more stable then the Prime Rate... would you say this is true?

**LifeWontWait** · December 21st, 2007, 06:29 PM

Another question about LIBOR rates vs Prime Rate... obviously LIBOR is the UK and Prime Rate is for USA. Can a person in the US get the LIBOR rates and someone from outside the US get the Pime rates? Is it pretty much just based on where you are borrowing the money from?

Sorry for all the questions... there are just alot I need to get answered.

**Bubstar** · December 21st, 2007, 07:33 PM

Hey I have been checking into loans as well and found an interesting site which has some hope fully help full information. http://www.studentloanguy.com/phpnuke/index.php

LifeWontWait I am not sure how lending rates figure for the UK versus the US, but I hope this site helps since I definitely will be taking out loans to finance my schooling for next Fall.

**burning_chrome** · March 27th, 2009, 11:08 AM

Can anyone who has taken on a Sallie Mae Career Training Loan to pay for contining education in the arts provide some feedback on issues such as interest rates, repayment options, customer service, etc.?

I know that both Gemini School of Visual Arts and LAAFA are associated with Sallie Mae, but a web search of Career Training loans from Sallie Mae and the individuals who've taken them paints a largely negative picture for that financing option - espeically the uncapped variable interest rates.