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Author Topic: Grad PLUS  (Read 17284 times)

halfjewhalfgoy

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Re: Grad PLUS
« Reply #10 on: April 11, 2006, 11:22:41 PM »
I have never watched cricket but I have a couple of aussie friends and they love it.

gsl

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Re: Grad PLUS
« Reply #11 on: April 12, 2006, 11:19:28 AM »
Guys, I agree that it sucks that if we had only been in school a year or two ago, we could have our student loans at under 6%. But I think we need to keep a little bit of perspective. As recently as the mid-nineties, mortgage rates were around 10%. In the early eighties, they were close to 20%. I'm sure our parents remember that well.

Does the federal government dumping the insane defecit on the backs of its students suck? Of course. Maybe people will now be more willing to get rid of the bozos in Congress and the monkey in the White House. Perhaps this is the first time the government has done something that has tangibly affected us twenty-somethings (until they decide to invade Iran and reinstate the draft, of course...)

trogdor

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Re: Grad PLUS
« Reply #12 on: April 12, 2006, 11:24:18 AM »
the grad plus loans offer stability.  with a fixed rate of 8.5%, you know what it's going to be.  i believe there is also some sort of bonus (i can't recall now, and i don't have the paperwork near me) given to those that pay on time (although, this isn't uncommon for many of the loans).  the advice that i got from fin. aid staff was to take the grad plus loans if you don't have good/excellent credit.  if you do have great credit, look into alternatives because you can probably find a better deal.  again though, you take a risk with the floating interest rates and uncertain economic conditions. 
"If you want a vision of the future, imagine a boot stamping on a human face - forever." Orwell

kingofspain

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Re: Grad PLUS
« Reply #13 on: April 12, 2006, 10:29:04 PM »
Guys, I agree that it sucks that if we had only been in school a year or two ago, we could have our student loans at under 6%. But I think we need to keep a little bit of perspective. As recently as the mid-nineties, mortgage rates were around 10%. In the early eighties, they were close to 20%. I'm sure our parents remember that well.

Does the federal government dumping the insane defecit on the backs of its students suck? Of course. Maybe people will now be more willing to get rid of the bozos in Congress and the monkey in the White House. Perhaps this is the first time the government has done something that has tangibly affected us twenty-somethings (until they decide to invade Iran and reinstate the draft, of course...)

why not keep politics out of it?

halfjewhalfgoy

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Re: Grad PLUS
« Reply #14 on: April 12, 2006, 10:33:54 PM »
Guys, I agree that it sucks that if we had only been in school a year or two ago, we could have our student loans at under 6%. But I think we need to keep a little bit of perspective. As recently as the mid-nineties, mortgage rates were around 10%. In the early eighties, they were close to 20%. I'm sure our parents remember that well.

Does the federal government dumping the insane defecit on the backs of its students suck? Of course. Maybe people will now be more willing to get rid of the bozos in Congress and the monkey in the White House. Perhaps this is the first time the government has done something that has tangibly affected us twenty-somethings (until they decide to invade Iran and reinstate the draft, of course...)

why not keep politics out of it?

Thats what I was thinking this is a financial aid forum.

jashdey

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Re: Grad PLUS
« Reply #15 on: April 13, 2006, 12:04:17 PM »
When I took out Stafford loans in the mid-90s, the interest rate was around 8.5%.  That was considered very good at the time.  As others have said, people's perspectives on interest rates are skewed now since we've had historically low rates for the last 5 years. 

Due to the increases that have already happened this past year, and the increases that are sure to come in the future, 8.5% fixed is probably a better idea than a 6% variable.  That variable rate will likely be past 8.5% before you graduate.

gsl

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Re: Grad PLUS
« Reply #16 on: April 14, 2006, 08:17:49 AM »
Treasury Rate Signals Burdens for Borrowers

By VIKAS BAJAJ
Published: April 14, 2006

The era of cheap money may finally be nearing its end.


http://www.nytimes.com/2006/04/14/business/14bond.html?hp&ex=1145073600&en=3824af5065b44e8b&ei=5094&partner=homepage

gsl

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Re: Grad PLUS
« Reply #17 on: April 14, 2006, 08:26:46 AM »
Just found this. Since the Grad PLUS product is new, there aren't a lot of lenders out there who are describing their programs yet. But looks like Sallie Mae is offering what will definitely be a competitive program...possibility of getting your loans (at least for 2006-7) down to a fixed 7%. Now that's not so bad...

http://www.salliemae.com/gradplus/index.html


phooey

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Re: Grad PLUS
« Reply #18 on: April 14, 2006, 01:34:33 PM »
The brochure I got from my school's finaid office says that there is no grace period on the Grad PLUS loan; repayment begins 60 days after the final disbursement, but deferments "may" be available.  Also, there is a 4% fee deducted from the disbursed amount.

I'm defintely going to try and get a different loan- most other loans give you 8-9 months before repayment begins.  I guess it is a gamble though, since we don't know what interest rates will be. 

azrakunblue

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Re: Grad PLUS
« Reply #19 on: April 14, 2006, 02:07:34 PM »
The brochure I got from my school's finaid office says that there is no grace period on the Grad PLUS loan; repayment begins 60 days after the final disbursement, but deferments "may" be available.  Also, there is a 4% fee deducted from the disbursed amount.

I'm defintely going to try and get a different loan- most other loans give you 8-9 months before repayment begins.  I guess it is a gamble though, since we don't know what interest rates will be. 

just want to keep this on my undread list
I am a fresh immigrant. Please bear with my English skills :-)