We received several questions from students on our phone and chat lines and called GL Advisor to inquire to the rates and specifics. Here is what we found:
1. GL Advisor's maximum borrowing amount is $15,000, which is normal for lenders listed on the online comparison charts.*
2. GL Advisor sets no total debt limit, which is normal.*
3. GL Advisor charges no origination fee, which is normal.
4. GL Advisor's grace period is from the date of origination until December 2013, while other lenders offer fixed grace periods of 6-9 months from the date of origination.
5. GL Advisor's interest rate is higher than that of the other lenders on the comparison charts. Its interest rate is set at the sum of 7-14% (fixed, depending upon the applicant's creditworthiness) plus the LIBOR rate (variable). This is about twice as high as the ranges offered by Citibank, PNC, or Wells Fargo (See e.g.
http://www.law.stetson.edu/admissions/f ... ns-pdf.pdf).
6. GL Advisor's repayment period is 80% shorter than those offered by any other lender on the comparison charts: 3 years instead of 15 years.
7. If you do not have a job offer when you apply for the loan, but then you opt for automatic debit repayments and you certify that you've passed the bar exam and you certify that you're employed, you may request a discount of 3-4% off your interest rate. They call this the "interest rate reduction for passing the bar exam." Other lenders offer reductions of .25-.5% merely for automatic debiting.*
8. GL Advisor's eligibility requirements are normal.
*Wells Fargo's maximum loan amount is $12,000 and borrowers' cumulative debt limit is $180,000. It gives an interest rate discount of up to 1.25% to Wells Fargo account holders participating in some "student graduation" program.
You may also find the following helpful:
http://ow.ly/kcP1c
**Self-promotion alert!**
Themis is not only affordable at $1495, we also work with students to establish payment plans.