« on: August 13, 2007, 06:44:01 AM »
I started to ask a question about the diff between GradPlus and private but then I googled it and found this chart with the differences.
The Deferment info seems at odds with the repayment info on the Plus loan though...Thoughts? Also, what about "points" neither one discusses points...
Right from the government itself:
"The U.S. Department of Education charges a loan fee of 4% of the principal amount or each Direct PLUS Loan."
loan fee/origination fee = "points"
I know THE (Total Higher Education/www.northstar.org), the lender for my GradPLUS loan, acknowledges the fee but then immediately reimburses it upon payment. And The Access Group (www.accessgroup.org), another non-profit lender, pays the fees for you immediately.
It's their way of competing with private lenders who don't have to charge such origination fees (because it's a private loan and not regulated like a GradPLUS loan).
Congratulations on Southwestern Darlinalexi!!! I know you really wanted to go there, you must be so excited!! Yay, you're going to law school, I'm so happy for you!!!
Thank you! You inspired me to wait for the right thing; I owe much of this to you !
Graduate plus loans can only apply to tuition.
Stafford loans can be applied to cost of living.
There is only so much a school can do for you. You can do what you want, but I don't know that I would necessarily mortgage your future even more because of child-care issues. If money is going to be that much of a problem, it might be a better idea to go to school part-time while you continue to work. You could even take a couple of years, work 2 or 3 jobs, and save money so you will have some extra to supplement what you can get in loans.