Law School Discussion

Choosing a Bank/Lender for GraduatePLUS Loans?

Choosing a Bank/Lender for GraduatePLUS Loans?
« on: April 21, 2008, 05:17:15 PM »
I have to pay for everything myself.  After scholarships/stafford/perkins loans, I have an additional ~$9500/y that I need to take out in GraduatePLUS loans to meet the total COA.

Can anyone offer advice on which lender I should be using?

I have good enough credit to qualify for GraduatePLUS, but I don't have any real assets or anything...

Oh, also, I want to pay things off really fast.  I think I can live like a student for 6 more years.

Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #1 on: April 21, 2008, 08:37:48 PM »
I think I can live like a student for 6 more years.
That sounds good now, until you start cashing a huge associate check and want to buy something you're just now able to afford...

Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #2 on: April 22, 2008, 08:15:22 AM »
Bank of America offers you a .25% interest reduction if you become or are an existing account holder. 

Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #3 on: May 17, 2008, 12:08:56 PM »
If you are going to a tier 2 law school, you should choose DO Bank for your loans. DO stands for drop out.

You can't afford $170,000 of debt with the salaries you're going to make. See e.g. http://www.law.com/pdf/nlj/regional_NY.pdf

SCK2008

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Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #4 on: May 17, 2008, 12:32:21 PM »
If you are going to a tier 2 law school, you should choose DO Bank for your loans. DO stands for drop out.

You can't afford $170,000 of debt with the salaries you're going to make. See e.g. http://www.law.com/pdf/nlj/regional_NY.pdf

LMAO.

Wiimote is dude, always and forever...

Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #5 on: May 17, 2008, 12:46:23 PM »
If you are going to a tier 2 law school, you should choose DO Bank for your loans. DO stands for drop out.

You can't afford $170,000 of debt with the salaries you're going to make. See e.g. http://www.law.com/pdf/nlj/regional_NY.pdf

He's going to Emory on a >75% scholarship. He is in no danger and Emory is not tier 2. Go to hell.

SCK2008

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Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #6 on: May 17, 2008, 01:42:12 PM »
Even if he was not on scholarship, 170k is manageable w/o "biglaw".  It might not be preferable, but it certainly is manageable considering a 30 year consolidated loan breaks down to around 1000/month.  This is certainly doable on the 50k/year salary some folks will make after graduation.

It is especially doable considering what many of those same lawyers that started at 50k will making 5-10 years down the road.  Criminal law/ambulance-chasing/etc. might not be prestigious but it can be very lucrative.  Period.

Go to law school if you want to be a lawyer.  If you want to be a dude?  Ask Wiimote...

Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #7 on: May 17, 2008, 01:54:51 PM »
Even if he was not on scholarship, 170k is manageable w/o "biglaw".  It might not be preferable, but it certainly is manageable considering a 30 year consolidated loan breaks down to around 1000/month.  This is certainly doable on the 50k/year salary some folks will make after graduation.

Are you sure it's only $1,000/month?

SCK2008

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Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #8 on: May 17, 2008, 02:00:09 PM »
I'm certain its around 1k/month.  Re-read my post.  I'm certain you're a feminine hygiene product.

Re: Choosing a Bank/Lender for GraduatePLUS Loans?
« Reply #9 on: May 17, 2008, 02:02:02 PM »
It is especially doable considering what many of those same lawyers that started at 50k will making 5-10 years down

Not for the vast majority of lawyers. Keep in mind you're competing with new grads for relatively poor clients. Google - two lawyers walk into a bar chicago tribune - for the article.