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Messages - talula8828

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Financial Aid / Re: Grad PLUS
« on: May 18, 2006, 08:59:47 AM »
This is important to know about the Grad PLUS if you don't yet:  it does NOT have a grace period.  Technically, it goes into immediate repayment.  Students will need to file in-school deferment paperwork while in school.  HOwever, if you are not enrolled in the summer (and many law schools do not have summer classes), students will go into repayment unless they apply and qualify for a forbearance.  Also, students will not have the six month grace period following graduation that most private loans offer.  Just something important to know up front!  And this is from new guidelines about it released by the feds.  Also, the entire bill is currently hit with several major law suits questioning its authority (the reconciliation bill that included the new Grad PLUS provision) so, as of now, it's all status quo.  But everyone in financial aid is pretty cautious about it . ..

All you can do is consolidate the loans you might have had before that time (i.e., from undergrad.)

Choosing the Right Law School / Re: an impossible situation
« on: May 11, 2006, 10:23:46 AM »
A school can't just release money before the start of classes.  Do you realize how many people would enroll and then withdraw after taking the money?  It's a big problem.  And student loans are only meant to be used for educational expenses WHILE a student is enrolled.  Before and after are not a concern unfortunately and a student is expected to have enough resources to get by until then.  I'm not saying it's a perfect system but that's the way it is.

Choosing the Right Law School / Re: About My Fin Aid Letter
« on: May 09, 2006, 08:02:07 AM »
Yup, the Direct loan is the same as the Stafford loan! :)

Choosing the Right Law School / Re: About My Fin Aid Letter
« on: May 09, 2006, 07:51:34 AM »
Well, my school is in Mass and MEFA is a loan program for students going to mass colleges and it is fixed.  That said, I don't know of any others but the rates on some of the more common private loans (law Access, Citiassist, Sallie Mae Law Loan) which are variable might still be decent.  However, these rates are usually based on your credit score.  Grad PLUS might end up the best option depending on your individual situation but I don't think it's a bad idea to shop around a bit! 

Choosing the Right Law School / Re: About My Fin Aid Letter
« on: May 09, 2006, 07:30:31 AM »
They can't legally do anything with the Grad PLUS until July 1st because that's when the new legislation becomes law.  Also, the Dept. of Ed hasn't given schools guidelines on how they can process this.  Understand, this is a brand new thing and most schools process all of the federal aid electronically.  Until the feds know how their system is going to work for this, there isn't much the school can do.  I am actually against any school including on an award letter a specific type of private loan (like Grad PLUS, etc.) because students have the right to shop around.  I have a private loan for next year that is fixed at 6.5% so the Grad PLUS is not necessarily the best loan for everyone.

Financial Aid / Re: Stafford Loans
« on: May 03, 2006, 01:00:29 PM »
Federal stafford rates are set by the government and they are raising this july 1st.  If you are familiar with one of the preferred lenders (i.e., if you've had loans with one of them in the past and had a good experience), choose that one.  Both Access and Sallie Mae are huge loan companies with good reputations (although Sallie Mae definitely likes to eat up the smaller loan servicers.)

I live in Boston and it is possible to find an apartment in August.  I would use craigslist.  It's especially easy to find an existing roommate situation looking to fill another spot and sign a lease.  I would definitely start looking in June.

Incoming 1Ls / Re: Parental data for federal loans
« on: April 25, 2006, 07:31:02 AM »
Parental data is NOT used to determine federal loan eligibility.  GW uses a separate form (the profile, I believe) that helps them to award need-based grant.  I'm 26 and they didn't use a contribution from MY parents b/c I met the requirements (although my parents did fill it out) so its likely you won't either.  But, even so, the FAFSA is just you and your spouse.

Financial Aid / Re: A stupid question, perhaps...
« on: April 21, 2006, 11:50:28 AM »
No.  A student can only have one type of Stafford loan.  If you're receiving a direct Stafford loan, all you can receive is that Stafford loan.  The rest has to be private and that's a federal regulation.

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