WELLS FARGO OR SALLIE MAE

Talk about various private student loans and how they can assist you.

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WELLS FARGO OR SALLIE MAE

Postby jiaozi0323 » Tue May 10, 2011 12:00 am

I'm planning to apply for the private loan because my financial officer told me I'm not qualify for the faderal loan because of my BA degree.
I have found 2 famous private loans wells fargo and sallie mae . which one is better ? and lower interest?
anyone has the experience?
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Re: WELLS FARGO OR SALLIE MAE

Postby Aid Whiz » Wed May 11, 2011 11:55 am

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Re: WELLS FARGO OR SALLIE MAE

Postby sstudentss » Sun May 29, 2011 7:57 pm

recently, sallie mae lower the interest rates of its student loans. if you get about 6.8% for the fixed rates of federal loans, you will get about 9% in sallie mae. just to ensure you to get the best information, that would be better if you check on both sides. if im not mistaken, wells fargo offers a variable interest starts from 3.4 % to 5.6%, that would depend on each program offered.
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Re: WELLS FARGO OR SALLIE MAE

Postby fjm1502 » Wed Aug 31, 2011 12:28 pm

100% Wells Fargo. With my Dad cosigning, I got a rate prime + 0.25 variable (current prime is 3.25%). After getting many mail / calls from Salle Mae we got on phone with them and after 4 hours and being told that we most likely will qualify for very low margine points plus LIBOR rate...we were told congrads...we had such a good credit that we qualified for 8 %. My dad started screaming and hung up. Here is a little thing we learned. Wells Fargo uses U.S. Prime (now & for past 2 years at 3.25%) plus 0.25% because of my dad's awesome credit. Salle Mae uses British prime called LIBOR (current & past few years at 0.25%) plus what they like to call margine..this margine supposedly is based on how good the cosigner's credit report and FICA is...Salle Mae came up with 7.75% margine + 0.25% Libor = 8%. In our dealing we found, W.F. is much harder to get approval then Salle Mae but W.F.'s rate was much better things being equal which is dad's FICA which is 800_plus. I RECOMMEND Wells Fargo.
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