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Author Topic: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!  (Read 4171 times)

BearlyLegal

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ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« on: April 15, 2008, 06:37:02 PM »
So it looks like Bears qualify for Prime Rate Private loans, which are actually lower than Stafford and GradPlus. Too good to be true? Maybe - It turns out that private student loans are all adjustable rate - pegged to prime. So what are bears to do?

Take the 6% private adjustable loans, or go for the 6.8% Stafford/7.9%GradPlus loans?

How often does prime fluctuate? How likely is prime to become more than 7.9% in the next decade or so?

Goddamit I shouldn't need a CPA to go to school! >=(

antaresvi

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #1 on: April 15, 2008, 08:35:25 PM »
I'm pretty much decided on GradPLUS - I just don't like the idea of having a variable rate loan. Look around for lenders, many offer discounts for made payments or auto-debit of payments. Here's a 10-year graph of the prime rate.


antaresvi

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #2 on: April 15, 2008, 08:37:28 PM »
Also, here's a history of the prime rate since 1958. Only problem is that history doesn't dictate future movement!

http://research.stlouisfed.org/fred2/data/PRIME.txt

OldFart

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #3 on: April 15, 2008, 08:40:44 PM »
That's a really good question, and one that a lot of economists are tearing their hair out over.

BearlyLegal

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #4 on: April 15, 2008, 09:14:15 PM »
That's a really good question, and one that a lot of economists are tearing their hair out over.
:( :( :(

Economists and bears alike!

JeNeSaisLaw

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #5 on: April 15, 2008, 09:16:04 PM »
You always have a choice, Wally.

Anybody know if you can negotiate a maximum rate if you qualify?
LSN
Vanderbilt Class of 2011

antaresvi

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #6 on: April 15, 2008, 09:25:35 PM »
So just to be sure of what we're doing here - a few questions.

1) Can I apply for a private loan just to see what rate I get, and then if I don't want to take it, can I decline the loan?
2) Should I be applying for any loans now, or should I wait till next month or so?
3) Do I need to apply for Stafford before I apply for GradPLUS or private?

Gracias.

BearlyLegal

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #7 on: April 15, 2008, 09:35:31 PM »
1) Can I apply for a private loan just to see what rate I get, and then if I don't want to take it, can I decline the loan?Bears did this with citigroup law loan. It was very easy, and bears were happy with the results. Be careful though, because if you make too many credit inquiries in a short time span, it can have a short-term negative effect on your credit rating.

2) Should I be applying for any loans now, or should I wait till next month or so? You can do it now or later. I like to have this kind of annoying stuff out of my hair so I can go back to swimming in streams and stealing hunny from bees.

3) Do I need to apply for Stafford before I apply for GradPLUS or private? Nope!

antaresvi

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #8 on: April 15, 2008, 09:44:43 PM »
Awesome. Never knew bears were so helpful!

BearlyLegal

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Re: ITT Bears Ask Smart LSD Posters to Help Choose a Loan!
« Reply #9 on: April 15, 2008, 09:47:33 PM »
Awesome. Never knew bears were so helpful!
Ya usually bearses just grumpy and hungry. But today noone sat in chair, laid in bed or ate porrige so bears in good mood!  :D