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Author Topic: FYI on myrichuncle.com GradPlus  (Read 704 times)

cesco

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FYI on myrichuncle.com GradPlus
« on: July 19, 2006, 11:29:31 AM »
 Just an FYI to everyone still figuring out which lender to use for GradPlus...

I spent a lot of time looking at myrichuncle.com because they drop the 8.5% rate down to 6.5% at repayment and offer some other benefits.  Sounds great, right?

Well, they expect payments to begin 60 days after DISBURSEMENT. Meaning two months into 1L.  Hmmm....I called to confirm, and yup, this is the case.  Obviously unrealistic unless people have seperate accounts or parents to pay off their loans while in school.  The person on the phone suggested private loans as they do have a diferment periods - but I want to do GradPlus.

Anyway, just a warning as it took me a while to catch this little clause. Also, I did send an email since the person on the phone did not seem 100% knowledgable on the subject - I'll update this if I find out something different.
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cesco

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Re: FYI on myrichuncle.com GradPlus
« Reply #1 on: July 20, 2006, 06:55:19 PM »
Ok, so I got a response to my email and there is a deferement period after all.  That is not at all how I read the website, so I called to confirm.  Apparently the rep I spoke w/ had not yet been trained on the GradPlus program and was essentially reading it the way I was.

With that being said, I think myrichuncle.com seems to be a pretty good lender for GradPlus.

6.5% once repayment begins and 3% principle reduction after 4 years of on time paying.

If anybody has had any good/bad experience w/the company or finds something better please post!
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cesco

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Re: FYI on myrichuncle.com GradPlus
« Reply #2 on: July 20, 2006, 06:57:52 PM »
And for those of you that are looking at their website now and thinking I am an idiot - they completely reworded the "repayment" section under GradPlus as a result of my concern!!

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Monarch heels

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Re: FYI on myrichuncle.com GradPlus
« Reply #3 on: July 21, 2006, 08:38:18 AM »
And for those of you that are looking at their website now and thinking I am an idiot - they completely reworded the "repayment" section under GradPlus as a result of my concern!!



way to go cesco!    :D