Law School Discussion

Grad Plus Loans

Grad Plus Loans
« on: July 13, 2006, 01:20:01 PM »
Anybody get their paperwork yet? The UT financial aid office said we should have gotten them in late June/early July. I haven't gotten anything about it yet.

Re: Grad Plus Loans
« Reply #1 on: July 13, 2006, 01:25:20 PM »
All I've gotten on loans was the Master Promissary Note I had to fill out and mail back, and the request for $6 from UFCU to get a live bank account.  I'm doing both sets of loans through them, so they may just accpt the one MPN and be happy.  I don't know.  I expect the FA office to make sure everything is kept straight.  I've also been planning on 1-2 months before getting anything from them, so figure it'll all be sorted out by November at the worst.

Re: Grad Plus Loans
« Reply #2 on: July 13, 2006, 01:32:09 PM »
Yeah, UFCU wanted a $1 fee to open up the account and process membership/ownership to use them.  I then had to open up a savings account with at least $5, though I don't have to maintain a balance.

If you already have a savings account from previous loans, then it sounds like you wouldn't have to bother with that stuff.


Re: Grad Plus Loans
« Reply #3 on: July 13, 2006, 01:36:48 PM »
I got an MPN that I filled out too, but I thought that was just for my Stafford loans.  The only things I've gotten on Grad Plus Loans seem to be from lenders wanting me to go through them. I vaguely remember getting a response from an e-mail I sent to Linda Alba, where she told me I could worry about Grad Plus loan paperwork when I got down there in August. 

She also told me loans should go out by Labor Day.  I hope so, if I have to wait until November I'm in trouble.

Re: Grad Plus Loans
« Reply #4 on: July 14, 2006, 07:50:59 AM »
No, I didn't do the checking with them, just the bare minimum for the loans.  I've already got a checking account established with Wells Fargo, and I'll be keeping that.  I track my budget via a spreadsheet.

Re: Grad Plus Loans
« Reply #5 on: July 14, 2006, 08:49:07 AM »
The basics is you ask one of the banks to do an electronic deposit or withdrawal.  Most places allow you to do this on-line, so it will depend on the software system of the individual banks involved.  So I have some accounts where it is incredibly easy to transfer money in and out of them.  I have other accounts where they only make it easy to transfer money between accounts at that institution.  Then there are accounts that only make it easy to transfer money in and not out.

I've never done this, but at the very worst, you should be able to go in and talk with a teller at the bank where the money originates.  If you have the routing number and account number to which to transfer the money, they should be able to handle that there.

Re: Grad Plus Loans
« Reply #6 on: July 14, 2006, 02:09:41 PM »
Correct me if I am wrong, because I am an utter fool when it comes to finances, know, important stuff...but are we required to go through UFCU? I use BoA and am taking my loans out through them; to my knowledge I've not received anything from UFCU.

Re: Grad Plus Loans
« Reply #7 on: July 14, 2006, 02:56:05 PM »
Yeah, they gave you a list of folks, I'm sure others chose their banks as well.  I would have chosen my own bank for this, but while they waived the 3% origniation fee they get for the Stafford loans, they didn't mention waiving their origination fee for the Graduate PLUS loan.  UFCU's site mentioned waiving the fee for both of these loans, so I chose them.

Re: Grad Plus Loans
« Reply #8 on: July 16, 2006, 10:28:46 AM »
I got mine on Saturday as well. Looks like the UT financial aid office was just running late in getting them sent out (shocking).

Re: Grad Plus Loans
« Reply #9 on: July 16, 2006, 07:45:56 PM »
Just got mine too... actually, I think UT has been more on top of this than other law schools. I had deposits at Notre Dame and UT, and ND just sent out information about PLUS loans now. They didnt' include PLUS loans in their original aid packages.

UT is doing a pretty sweet job, IMO.