Not many loan companies count savings in packets of Ramen Noodles, but My Rich Uncle does. And no, My Rich Uncle is not a person, it is a private lending company.

The company’s Web site calculated that with potential savings on interest of an Ohio State’s $8,082 tuition loan, it is possible to buy 9,241 Ramen Noodles, 382,834 Qtips, or 13 iPod Minis.

Figure in the cost of room and board and those numbers almost double.

The big difference between this company and others is found in the discount rate of the loan.

“We looked at the way the market worked and wanted to find a different way,” said Karin Pellmann, spokeswoman for the company.

The loan process begins like it does at any other company: Apply online, have credit history or a cosigner, and wait for approval.

Once approved, students are eligible for a discount ranging from 0.25 percent to 0.75 percent.

Paying 48 consecutive payments on time or signing up for automatic withdrawal of payments earns a discount. Turning in grades, exam scores, field of study and other background information earns a reduced rate as well.

Kristen Soler, a junior in marketing, said the discount for grades is a good idea.

“I think it might have some impact if I strive to get good grades,” Soler said. “I haven’t really thought about the rates on my loans because I haven’t graduated and started paying yet.”

Along with the discounts, students may notice another difference between this company and others.

“We also wanted to make it a lot more user friendly. Even the loan process alone when you do the application process online. We modeled ours for ease of use and simplicity, there’s a difference right there,” Pellmann said.

My Rich Uncle is one of the many private loan companies competing for students. About 25,000 students at OSU use loan money to pay for college, Tally Hart, director of student financial aid said.

“There are a number of differing options that have emerged out of a very competitive student loan industry,” Hart said.

The Office of Financial Aid has a list of private lenders on their Web site that the office has reviewed. My Rich Uncle is not on this list because it has not yet been checked out.

Lenders on the site get money to students in a timely manner and are reputable in providing service, Hart said.

“Comparing rates that apply to each student is always a good idea. Shop for the best money but also ask how will that money get to me and will it get there in a timely way,” Hart said.

My Rich Uncle has a policy on getting money to students in a timely method.

“We will get back to you within a day to let you know if you have been approved for a loan, and we can get the funds to you within five days,” Pellmann said.

Loan money that does not arrive in time will result in costly late charges from the University.

“We know it’s serious, nobody wants debt,” Pellmann said. “If there are companies out there that can make it easier for you then that’s a good thing.”

My Rich Uncle plans to launch a new advertising campaign on Ohio State’s campus this week.