In my wanderings, I kept seeing these airport billboards for www.MyRichUncle.com. The billboards basically took potshots at the financial aid options provided by on-campus financial aid offices. They definitely made the statement (which is gravely mistaken, I believe) that only people without a brain would use campus-provided services financial aid services.
Yet, when I visit their website, MyRichUncle.com seems to lend out money at an Annual Percentage Rate (APR) of 7.85%. This is of course much higher than unsubsidized Stafford loans, which charge 6.80%. Subsidized Stafford and Perkins loans are even less expensive.
Has anyone used MyRichUncle.com? Was it a good experience? Would you recommend it to other students or parents?
Please share your opinion and experience in our forum.
Thanks!
If you check out myrichuncle like I did today, you will see that due to the financial situation of the US now, they are not taking any more applications. We are looking for ways to finance our daughter’s tech school education at a low interest rate or through scholarships or grants or gifts.
what is mortgage?