What am I missing.
QuoteWhat am I missing. Eligibility for the federal LRAP/IBR programs made available as a result of the CCRAA.
Can you help us find information about those programs please?
I'm financially conservative so I'd really prefer a fixed rate.
QuoteI'm financially conservative so I'd really prefer a fixed rate.The Bank of America loan comparison chart you've provided a link to indicates that GradPLUS loans will be discounted 1.5% for borrowers enrolling in an automatic payment plan, lowering the fixed rate to 7%, which is lower than the 7.19% you've estimated you can expect to find during the repayment period on a private loan.
I think one benefit of Grad Plus is fixed interest rate. Yes, the rate is great now, but in 5-10 years, what will the rate be? You don't know. I think I remember a financial aid person saying that normally, GP is always a better deal (if the adjustable rate is above 9% or whatever), but right now, private might be, although there is substantially more risk down the line that it won't be and you'll be screwed.I don't know if there are other benefits to GP, since it's a federal program, that might also weigh in its favor.Hoping to hear more information from more well-informed people than me...
A lot of GradPlus lenders have "origination fees" of 1.5-3%
If you are planning on using the federal LRAP, it does not apply to private loans. Just something to consider.