« on: July 09, 2008, 04:12:33 PM »
So I'm shopping for GradPlus loans. After maxing out the staffords at $20500, I have about 5-8k to cover. I'm considering gradplus for the federal LRAP from the college cost reduction act, however, the gradplus loans are also much more expensive than the staffords with the 3% origination fee and the 8.5% interest rate.
This effectively makes the interest rate about 10% for the Gradplus, unless I find a lender with good terms.
Should I get the gradplus? If I make it to a big firm, I probably won't care about any extra interest that I take on, if I end up in low-paying gov't or non-profit work, the possibility of having a big chunk of the extra gradplus loans forgiven is a big plus. However, it is effectively a 10% interest rate.