binder@eniac.seas.upenn.edu (Tim Binder) (03/22/89)
I just stopped by at our local (brain-damaged) Computer Connection, the
campus spot to pick up Apple equipment & discovered mention of the "Apple
Student Loan Program" in a flyer. When I asked about it, the response was the
typical "Huh?" followed by "We don't handle money here." With help like this,
it's a wonder they sell anything. My question: Does anyone know anything about
this program? I would love to pick up a IIcx before I graduate and this just
might be the way to finance it! They do mention some details in the flyer
(up to 10 yr payment period. Interest only while at school), but nothing is
mentioned of WHERE to get more info.
As usual, thanks in advance to all.
Tim
__ ____________
/\ \ Timothy M. Binder (binder@eniac.seas.upenn.edu) /_________ /\
/ \ \ CI$ 71106,1124 [but VERY rarely] \ ______/ / /
/ /\ \ \ SCAnet: Gwydion Rhys ap Rhianwen!Bailiwick of \ \ \ / / /
/ / /\ \ \ Ivyeinrust!Barony of Bhakail!Kingdom of the East \ \ \/ / /
/ / /__\_\ \ \ \ \/ /
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Disclaimer: All opinions contained herein are fictional. Any resemblance to
real opinions is purely coincidental.mithomas@bsu-cs.UUCP (Michael Thomas Niehaus) (03/22/89)
In article <9019@netnews.upenn.edu>, binder@eniac.seas.upenn.edu (Tim Binder) writes: > I just stopped by at our local (brain-damaged) Computer Connection, the > campus spot to pick up Apple equipment & discovered mention of the "Apple > Student Loan Program" in a flyer. When I asked about it, the response was the > typical "Huh?" followed by "We don't handle money here." With help like this, > it's a wonder they sell anything. My question: Does anyone know anything about > this program? I would love to pick up a IIcx before I graduate and this just > might be the way to finance it! They do mention some details in the flyer > (up to 10 yr payment period. Interest only while at school), but nothing is > mentioned of WHERE to get more info. > As usual, thanks in advance to all. > Tim The actual name of the program is the "Student Load-to-Own" program. Loans can be taken out for any amount between $2000 and $40,000, with a 36 month term for the smaller loans and up to a 120 month term for the largest of loans. Repayment of the loan can be postponed until after you graduate from college. While in college, you are required to only pay the interest on the loan (somewhere around $30 a month for most normal-size loans). You will begin paying off the loan after graduation. All Macintoshes are eligible for this plan, as well as all other peripherals and software. The interest rate for this loan is variable, with the actual rate tied to the "bond-equivalent" rate of the U.S. Treasury Bill. That rate is generally much lower than that of most consumer loans. The eligability requirements are as follows: you must be a full-time student at a school that grants undergraduate or graduate degrees. Good credit and employment records are helpful (actually, bad records are detrimental). The one main stubling block is this: you or your cosigner must have an annual income of $22,500 a year or more. That's it. If your application is approved, you will be sent a check in the mail. Talk to your campus reseller or representative (or me) for more information. -Michael -- Michael Niehaus UUCP: <backbones>!{iuvax,pur-ee}!bsu-cs!mithomas Apple Student Rep ARPA: mithomas@bsu-cs.bsu.edu Ball State University AppleLink: ST0374 (from UUCP: st0374@applelink.apple.com)
mithomas@bsu-cs.UUCP (Michael Thomas Niehaus) (03/22/89)
In article <6261@bsu-cs.UUCP>, mithomas@bsu-cs.UUCP (Michael Thomas Niehaus) writes: > > The actual name of the program is the "Student Load-to-Own" program. Loans > can be taken out for any amount between $2000 and $40,000, with a 36 month > term for the smaller loans and up to a 120 month term for the largest of loans. I guess it would help if I could type. I meant to say "Student Loan-to-Own", not "Load-to-Own". Anyway, here are some rough estimates of a sample loan's payments. Taking out a $2,000 loan (36 month term) and deferring payments for 1 year (until you graduate) would require that you make $30.00 payments monthly while still in school. When you graduate, your monthly payments would $62.67 a month for 36 months. This assumes a 12% interest rate. The total finance charge would be about $600 for the entire loan period. A $4000 loan with the same interest rate and deferral period would behave as follows: $42.14 a month while still in school, $105.34 a month for 48 months after graduation. Total finance charge: $1,559.13. -Michael -- Michael Niehaus UUCP: <backbones>!{iuvax,pur-ee}!bsu-cs!mithomas Apple Student Rep ARPA: mithomas@bsu-cs.bsu.edu Ball State University AppleLink: ST0374 (from UUCP: st0374@applelink.apple.com)