Law School Discussion

Nine Years of Discussion
;

Author Topic: Grad PLUS  (Read 17269 times)

chonralda

  • Sr. Citizen
  • ****
  • Posts: 298
    • View Profile
Re: Grad PLUS
« Reply #40 on: April 17, 2006, 08:27:24 PM »
baffing myself onto this thread
University of Connecticut '09

IN: Miami, Syracuse ($$)
WL: Penn State, Maryland, Case
http://www.lawschoolnumbers.com/display.php?user=chonralda

kiyakoiya

  • Sr. Citizen
  • ****
  • Posts: 176
    • View Profile
Re: Grad PLUS
« Reply #41 on: April 21, 2006, 08:46:52 PM »
baff

michelleinsea

  • Sr. Citizen
  • ****
  • Posts: 109
    • View Profile
Re: Grad PLUS
« Reply #42 on: April 22, 2006, 03:30:52 AM »
great thread!

Carolinekk

  • Full Member
  • ***
  • Posts: 32
    • View Profile
    • Email
Re: Grad PLUS
« Reply #43 on: April 24, 2006, 12:34:56 PM »
does anyone know if it's possible to get LRAP for going into public interest work if you decline your Grad PLUS and take out a private loan instead?

(i'm guessing it's not possible-- i'm talking about UVA specifically.)

Law2k6

  • Sr. Citizen
  • ****
  • Posts: 347
  • U.Va. Law, J.D. 2009
    • View Profile
Re: Grad PLUS
« Reply #44 on: April 29, 2006, 08:46:59 PM »
does anyone know if it's possible to get LRAP for going into public interest work if you decline your Grad PLUS and take out a private loan instead?

(i'm guessing it's not possible-- i'm talking about UVA specifically.)


Why would you guess that? I'm probably going to be on UVa's LRAP (VLFP) when I graduate myself. Here is the URL that talks about it: http://www.bankofamerica.com/studentbanking/welcome/?schoolid=00374598

Nothing on that site or in the application (a PDF linked to from that site) says anything about being restricted to certain types of student loans. Why would they care anyway?
U.Va. Law, J.D. 2009

TomServo

  • Sr. Citizen
  • ****
  • Posts: 859
  • We are our own photographer!
    • ICQ Messenger - 814749
    • View Profile
    • http://www.lawschoolnumbers.com/display.php?cycle=0405&user=TomServo
Re: Grad PLUS
« Reply #45 on: April 30, 2006, 10:00:44 PM »
I think, out of sheer exhaustion of the process, I'll simply take the Grad PLUS and be glad that I'm finished looking at crooked numbers on straight lines... at least for a little while.

For those wondering about maxing out credit cards, don't do it.  Keep your individual credit cards balances below 50% at ALL times, and keep your overall debt-to-credit ratio below that 25-30% range mentioned by others.  Also, pay off any credit cards you can, and make certain your credit report is clean of mistakes!

Take it from a guy who's in the high 700's...   ;)

chonralda

  • Sr. Citizen
  • ****
  • Posts: 298
    • View Profile
Re: Grad PLUS
« Reply #46 on: April 30, 2006, 11:01:18 PM »
I miss watching new epi's of MST3k! tho i can re-live it on dvd
University of Connecticut '09

IN: Miami, Syracuse ($$)
WL: Penn State, Maryland, Case
http://www.lawschoolnumbers.com/display.php?user=chonralda

greengrl

  • Sr. Citizen
  • ****
  • Posts: 946
    • View Profile
Re: Grad PLUS
« Reply #47 on: April 30, 2006, 11:09:02 PM »
For sure; if it's 8.5 fixed that's not great AT ALL but the best variable rates I'm finding on private loans are 5.5-6 and remember--that's variable. Student loans are now out of control and pretty much any way you cut it we're going to be paying much more interest than people just five years ago



gsl

  • Full Member
  • ***
  • Posts: 29
    • View Profile
Re: Grad PLUS
« Reply #48 on: May 01, 2006, 09:09:22 AM »
FYI, it looks like Sallie Mae is now taking Grad PLUS applications on their web site:

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

They are the only lender thus far I have found who is taking applications. With the rebates they offer, I believe you can get your rate to around 7.0% fixed, which is pretty good.

Wavhovia also has a page on their web site about the loans but I don't think they're taking apps. yet.

Law2k6

  • Sr. Citizen
  • ****
  • Posts: 347
  • U.Va. Law, J.D. 2009
    • View Profile
Re: Grad PLUS
« Reply #49 on: May 01, 2006, 10:17:30 AM »
With Sallie Mae it looks like we pay a 3% federal origination fee and a guarantee fee of up to 1% of the loan amount. Some schools might let you waive the guarantee fee...doesn't look like UVA is one of those schools. Wachovia will give a rebate at repayment equal to the 3% federal origination fee that was paid at disbursement. Sallie Mae also will give a 1% and a 1.5% rebate after 12 and 36 months of repayment.

I haven't sat down to crunch the numbers as to whether it would be better to eat the origination fee & guarntee fee in order to get the 7.0% interest rate or save on the fees but pay 7.9% interest.
U.Va. Law, J.D. 2009