GRAD PLUS Questions and Answers 2007

[Denny Crane]

Denny, I'd be interest to hear how your interest rates pan out. I have great credit but got the sense from the discussions here that the rates on private loans probably wouldn't be fixed and probably wouldn't be significantly lower than 8.5%. And also that consolidation could be a problem at the end.

Yeah, I'm not starting to feel that all my credit building was for naught.  Hopefully that's not the case.  8.5% is not what I was hoping for. 

[Le Docteur De Peste]

I'm pretty sure w/ GradPLUS loans you can consolidate.

[dcforlife]

Denny, I'd be interest to hear how your interest rates pan out. I have great credit but got the sense from the discussions here that the rates on private loans probably wouldn't be fixed and probably wouldn't be significantly lower than 8.5%. And also that consolidation could be a problem at the end.

Yeah, I'm not starting to feel that all my credit building was for naught.  Hopefully that's not the case.  8.5% is not what I was hoping for. 

I'd been doing exactly the same re: credit building over the last 5 or 6 years. But then the PLUS came along last year... we'll see I guess.

I'm pretty sure w/ GradPLUS loans you can consolidate.

You can. I wasn't sure about private lenders.

[bill612mass]

Denny, I'd be interest to hear how your interest rates pan out. I have great credit but got the sense from the discussions here that the rates on private loans probably wouldn't be fixed and probably wouldn't be significantly lower than 8.5%. And also that consolidation could be a problem at the end.

Yeah, I'm not starting to feel that all my credit building was for naught.  Hopefully that's not the case.  8.5% is not what I was hoping for. 

another advantage to having good credit is that IF your credit is great, you should be able to avoid a co-signer and you will be charged fewer points...some private loans can charge up to 10 or so points - which when you factor that in with the interest rate makes for a really expensive loan.

[Reesespbcup]

tag since I can't read this now and there's is STILL NO FREAKING SEARCH BUTTON!

[Denny Crane]

tag since I can't read this now and there's is STILL NO FREAKING SEARCH BUTTON!

WTF is up with that?  I just noticed it after reading your post.  I hope it comes back and that it's faster.  That slow as search from before just didn't cut it.

[Le Docteur De Peste]

So I've decided to go w/ T.H.E. for my Stafford loans. Regarding GradPLUS, I'm digging T.H.E.'s incentives, and the private lenders do seem enticing, but...

The only reason it seems to me to go to a private lender for GradPLUS would be for the lower interest rate. I have great credit, so I might be able to get these rates. But with private lenders, their repayment incentive qualifications are more strict (ex. incentive is only available after 12+ on-time payments as opposed to THEs 60-day-delinquency rule), the interest rate is variable, the loans default to next of kin upon death/disability (I don't plan on dying, but...), and other lame stuff. Plus I think I trust a non-profit lender more than a for-profit lender.

As of right now I'm leaning towards T.H.E. for pretty much all my loans including GradPLUS, and if not them then some other non-profit lender.

Hrm...

[EEtoJD]

I wish the school would just take care of all this stuff. I hate thinking about this crap.

[Le Docteur De Peste]

I wish the school would just take care of all this stuff. I hate thinking about this crap.

Better yet I just wish I had a silver spoon and then mommy and daddy could handle all this.

[EEtoJD]

I wish the school would just take care of all this stuff. I hate thinking about this crap.

Better yet I just wish I had a silver spoon and then mommy and daddy could handle all this.

TITCR.