I'm trying to decide between two loans and this is what I know so far. Grad Plus VS. Bank of America Private. Will someone please tell me why I would want Grad Plus?

What am I missing.

Lets just assume I borrow 15K for three years = 45K total (This could vary dramatically)

Fee: 3%

Rate: 8.5% Fixed

Payment of Interest during school is perferred

Repayment Term = 10 Years

Monthly Payment after law school = $557

BOA Private

Fee: 0-1%

Rate: Libor + 1.5% while in school, Libor + 3 after

(the 10 year Libor rate is 4.19%, the current rate is 3.07. The peak was 7.4, the low was 1.2)

Payment of interest during school is optional

Repayment Term = 10-20 years

Estimated Average Monthly Payment after Law School = $459.67 (based on 10 year term and interest payments during school)

This of course is based on a 10 year average LIPOR rate of 4.19. I can not tell the future, so I guess it's possible the rate could go up.

What am I missing.

Lets just assume I borrow 15K for three years = 45K total (This could vary dramatically)

**Grad Plus**Fee: 3%

Rate: 8.5% Fixed

Payment of Interest during school is perferred

Repayment Term = 10 Years

Monthly Payment after law school = $557

**Total Cost: $72,411.36**(For 45K in loans.. ouch!)BOA Private

Fee: 0-1%

Rate: Libor + 1.5% while in school, Libor + 3 after

(the 10 year Libor rate is 4.19%, the current rate is 3.07. The peak was 7.4, the low was 1.2)

Payment of interest during school is optional

Repayment Term = 10-20 years

Estimated Average Monthly Payment after Law School = $459.67 (based on 10 year term and interest payments during school)

**Total Cost: $65,222.28**(This is an edit, I didn't add the +3 to the lipor.. but I fixed it)This of course is based on a 10 year average LIPOR rate of 4.19. I can not tell the future, so I guess it's possible the rate could go up.