I haven't seen one - and been looking. What's your take?
Also, is it too early to be doing this? Is there any problem with getting loans out of the way before June?
If you're doing GRADPLUS, no. If you're doing private loans, then yes. The rates might change.
They might, but I was under the impression that pretty much every private loan rate is tied to prime or LIBOR, and the only question is what you qualify for relative to those rates. Is there a fixed private loan available?
Well what I meant there was that it shouldn't matter if the rates change between now and June - the number Citi approved me at isn't going to change. I'm actually more torn between private and GradPLUS today than I was before I applied for the private loan - I got prime -0.5, which is really appealing. Here's a summary of the options I'm thinking about:
PNC GradPLUS loan @ 8.5%
-they refund the 3% opening fee
-rate reduction of 0.75% as long as you make payments on time
-reduction of 0.25% if you use autopay
= effective 7.5% fixed
Citi private loan @ prime -0.5%
-.25% reduction with autopay
-.75% reduction after 48 on time payments
= effective prime - 1.5% two years after graduation
So I'm kind of torn here, although I'm really nervous about taking out a variable rate loan - who knows what the prime rate will be in 5 years? If I could find a variable loan capped at like 9% or something, I'd be much more comfortable, but I don't think such a thing exists.
Anyone know anything about consolidation after graduation? The private loans would seem to make a lot more sense if you could lock in a sub- 8.5% fixed rate in three years.