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Author Topic: Grad PLUS  (Read 16947 times)

HippieLawChick

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Re: Grad PLUS
« Reply #20 on: April 14, 2006, 02:26:31 PM »
I am glad someone posted about this.  I have only taken regular Stafford loans in the past, so this info is great to have. 

terralily

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Re: Grad PLUS
« Reply #21 on: April 14, 2006, 03:06:37 PM »
Working in the lending department of a credit union I have seen rates on car loans go from a 3.99% for A+ credit rating to 6.24% and that is A+ most people in their 20s don't have that excellent credit rating. Granted this is a credit union and you may be able to get "better" rates at a bank but, the trend is still the same.  Sweetheart rates are on the decline.
  The private loan rates are better, but not that much better, if you have excellent credit or are willing to have a parent co-sign.  That's not necessarily an option for a lot of people.  8.5% fixed for an UNSECURED loan is good.  Sure it is for law school and the chances of us making bank is really good, but these are still unsecured loans...you pay for that in the interest rate.  I for one will be looking for a lender for my GradPLUS loans.

Just my two cents...
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halfjewhalfgoy

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Re: Grad PLUS
« Reply #22 on: April 14, 2006, 05:25:26 PM »
Working in the lending department of a credit union I have seen rates on car loans go from a 3.99% for A+ credit rating to 6.24% and that is A+ most people in their 20s don't have that excellent credit rating. Granted this is a credit union and you may be able to get "better" rates at a bank but, the trend is still the same.  Sweetheart rates are on the decline.
  The private loan rates are better, but not that much better, if you have excellent credit or are willing to have a parent co-sign.  That's not necessarily an option for a lot of people.  8.5% fixed for an UNSECURED loan is good.  Sure it is for law school and the chances of us making bank is really good, but these are still unsecured loans...you pay for that in the interest rate.  I for one will be looking for a lender for my GradPLUS loans.

Just my two cents...

It is usually better to go to a credit union since their not for profits becaus they reward mebers with lower interest rates on loans and higher interest rates on saving product but this is generally speaking.

ScoopNY

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Re: Grad PLUS
« Reply #23 on: April 14, 2006, 05:30:58 PM »
Quote
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.

I've heard this as well, also, the finanical aid people I talked to expect there to be little difference by the fall between the Gradplus and the private loans, especially with the deductions.

The only thing to watch for is the no grace peroid, if you take the forebearance to line up your loan with the other federal loans you may lose out on some of the interest rate discounts, but they haven't cleared all that up yet.
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M DOT

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Re: Grad PLUS
« Reply #24 on: April 14, 2006, 06:43:13 PM »
does anyone know if the grad plus loans will be available for this year?? i was under the impression that its still up in the air... ???

matts720

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Re: Grad PLUS
« Reply #25 on: April 14, 2006, 07:00:58 PM »
does anyone know if the grad plus loans will be available for this year?? i was under the impression that its still up in the air... ???

I read on the Wachovia site that the funds will be ready on July 1st.
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halfjewhalfgoy

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Re: Grad PLUS
« Reply #26 on: April 14, 2006, 08:44:09 PM »
Yea, its effective starting july 1.

M DOT

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Re: Grad PLUS
« Reply #27 on: April 15, 2006, 01:22:16 AM »
cool, thanks guys

KCLaw

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Re: Grad PLUS
« Reply #28 on: April 16, 2006, 05:42:52 PM »
Very helpful.  Are there any other solid lenders besides Wachovia and Sallie Mae.  It looks like a guaranteed rate of 7% after incentives is a pretty attractive deal to me (only .2% above the 6.8% Staffords).

Credit Card question:  I maxed out my credit card, but I haven't missed a payment or anything.  Does this improve or hurt my credit.  I'm pretty clueless about this stuff.

trogdor

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Re: Grad PLUS
« Reply #29 on: April 16, 2006, 06:05:34 PM »
Very helpful.  Are there any other solid lenders besides Wachovia and Sallie Mae.  It looks like a guaranteed rate of 7% after incentives is a pretty attractive deal to me (only .2% above the 6.8% Staffords).

Credit Card question:  I maxed out my credit card, but I haven't missed a payment or anything.  Does this improve or hurt my credit.  I'm pretty clueless about this stuff.

i'm pretty sure that it hurts you a little to max out your credit card, even if you aren't missing payments.  i think it's best to keep a buffer of about 25% of the credit available. 
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