Grad PLUS

[gator1984]

I was going to do a private loan at 7.5, it would go down a .5% pt after 2 years and .25% after electronic debiting. The Grad Plus with Access Group goes down 1% pt after your first payment and .25% if you do electronic debiting.  So that would be down to 7.25%.  I think the slightly higher interest rate is worth it for the stability instead of dealing with variable rates.  At least for me, I don't have perfect credit but I have good credit. 

GW hasn't posted anythign specific about the Grad Plus loan but Access Group is a preferred lender for them. If anyone has any thoughts or if I should check out another lender, please let me know.
   

I forgot to add that Access Group does charge a 3% origination fee, so that kind of sucks.  Citi bank does the grad plus with the origination fee that is rebated back, however, once you graduation the interest goes down to 7.5% instead of 7.25%.

[maka nani]

they said they have to charge the 3% (mandatory cannot be waived) but that they will credit it back 6 months after final disbursement...this is sallie Mae and T.H.E (im using THE)

[M DOT]

i just spoke to an AO and they didn't really put much stake in the grad plus loans since things seem so up in the air....i know this has been discussed but how dependable do those of you who've secured them so far think they'll be?? im asking b/c if i decide to go with a wl i was just admitted off of they would be key and i might be assed out without em

[chonralda]

After finally getting my MPN in the mail from student loan xpress, this is what i find on uconns website while looking for the method to alert the school to what lender i chose:

IMPORTANT NOTE
Please check back AFTER JUNE 30. Due to this program being brand new and to ensure that students receive their funds in a timely fashion, the application process is being changed. IF YOU HAVE ALREADY APPLIED FOR A GRAD PLUS LOAN, DO NOT DO ANYTHING. YOU WILL BE NOTIFIED OF THE NEW PROCEDURES ASAP AND YOU WILL NOT BE LATE IN GETTING YOUR FUNDS IF YOU HAVE ALREADY APPLIED. INSTRUCTIONS WILL BE FORTHCOMING ON THIS WEBSITE. INFORMATION WILL ALSO BE SENT VIA EMAIL AS SOON AS POSSIBLE WITH FURTHER INSTRUCTIONS.

If you plan to apply, do not do so until the new procedures have been established.

There is no need to notify the Student Finance Office. FEDERAL PLUS GRAD loans cannot be certified until AFTER July 15 by this office.

Thank you for your patience.



BAH! GradPLUS is a pain!

[chonralda]

we were supposed to as well. and i was about to today. but as it says, 'dont!' if you have not already and if you have not even applied, dont apply...i might call my lender tomorrow because they expect me to send this back asap, and uconn is telling me not to...and not even communicating it via email! just doing a website update is sloppy work

[fender]

can you apply with several lenders and see what rates they give you?  or are they pretty much set the way they have on the websites?  i'm having a really hard time deciding b/c i don't really understand all this.

[whoisjohngalt]

the lenders' info is on their website as having credit over a certain standard affords you the same rates as everyone else. you can only apply with ONE.

this is not correct.  you can apply to as many lenders as you'd like.  contact your school first and tell them not to authorize any loans until you say so.  then, when you decide which one you want, authorize your school to process that request and deny the others.  not hard.

[mdpeterson42]

does anyone know if there is any sort of limit to the amount you can borrow? I think these loans are non-need based, which means I should be able to borrow as much as I need above the COA, but can anyone else verify that?

Thanks!

[mdpeterson42]

<it is COA-stafford/scholarship. you can only t ake out the difference between COA and your other $$>

OK, so just to make sure I understand...

The COA is $60,000 ($33,000 is tuition)
my scholarship is $20,000
my EFC is $17,000
and Stafford is $18,500

That means that I would be eligible for $5000 in need-based aid, right? But I need to borrow about $15,000 more than that. How do I do that? Would I not be able to do that with the Grad Plus and instead have to use a private loan?

[talula8828]

Grad Plus is not affected by EFC because it is not need-based.  Only cost less aid affects the amount a student can borrow.