Are you guys going with the PLUS loan or a private loan? Jessica said the PLUS loan's fixed rate is 6.9%. That's actually not too bad, especially since it's fixed.Its obviously better to pay and not take out a loan right? If you have the money... I can't imagine an investment that pays 7%...
And on a totally different topic, are you guys all applying for the school's health insurance? For a single person, it's like $80-something/month. I'm not sure if that is worth it.
well not necessarily. the current spending value of the money that you do have may be higher than the amount you will have to pay in loans, if you took out the loan. it really depends on how you spend your money if it's not going to be spent on law school. for example, correct me if i'm wrong, the current interest rate for a mortgage is at least 10%. this is much higher than a good student loan interest rate. so for some people, it would be wiser for them to pay off their mortgage and take out a loan for school than to put that money into going to school. of course, there are also other situations where taking out a loan is better than paying with the money you have can apply. However, if you're not planning on investing your money on something at this point, then it's probably a good idea to use it to pay for law school expensese and minimize the amount of loans you will need to take out.
Unless I want to go through a relatively risky investment mutual funds pay about 5% (or at least mine does). Also, I don't have a home so I guess my throught process is valid.
I wonder if my wife worked for the University of Iowa hospitals if I could get in state tuition? Any one with any experience on this?