GRAD PLUS Questions and Answers 2007

[P.U.S.H]

http://www.ifap.ed.gov/eannouncements/attachments/0623HERAOPGradPLUSAttachDGradPLUSQA.doc

2.   What is considered to be an adverse credit history?
You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Federal Student Aid debt (for example, a Direct Loan or Federal Stafford Loan).
3.   What are my options if I have an adverse credit history?
You may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the loan if you do not repay it.

Does that apply to credit card debit? I think I'm completely screwed

I was concerenced that I would not qualify for GradPLUS so what I did was go to a lender site (I used sallie mae) and I applied for a GradPLUS loan to see if I would be approved.  (I should add that I am a current graduate student and applied as if I wanted the loan for the spring term.)  I was approved and I just didn't submit the app to my school because I just wanted to see if I could get the loan for the fall for law school. 

If you use this method, doesn't it show up on your credit report as an inquiry?

My credit score is fair and I don't want to screw it up more, but I have no options for a co-signer so I can't take any chances. Looks like I'm going to be up all night on hold with these agencies to find out how I'm paying for 1L

[basal]

If you send in an application to do your Stafford and your Gradplus somewhere, do you have to accept it? Will they charge you?

[Le Docteur De Peste]

Taggie McGee

[daydreamer]

how does GradPlus differ from stafford subsidized/unsubsidized loans?  is it better to be rewarded that?

[Le Docteur De Peste]

how does GradPlus differ from stafford subsidized/unsubsidized loans?  is it better to be rewarded that?

Not directly answering your question (GradPLUS v. Sub/Unsub Stafford), but GradPLUS seems to definitely be better vs. private lenders/loans. This is because you can consolidate the loan and there is no variable interest rate.

[The Poster]

how does GradPlus differ from stafford subsidized/unsubsidized loans? is it better to be rewarded that?

Not directly answering your question (GradPLUS v. Sub/Unsub Stafford), but GradPLUS seems to definitely be better vs. private lenders/loans. This is because you can consolidate the loan and there is no variable interest rate.

it is better than most, but not all, private lenders. i've been comparing rates and terms like crazy.

[Le Docteur De Peste]

how does GradPlus differ from stafford subsidized/unsubsidized loans? is it better to be rewarded that?

Not directly answering your question (GradPLUS v. Sub/Unsub Stafford), but GradPLUS seems to definitely be better vs. private lenders/loans. This is because you can consolidate the loan and there is no variable interest rate.

it is better than most, but not all, private lenders. i've been comparing rates and terms like crazy.

Hmm, what other lenders are you finding that compete well w/ the GradPLUS loans?

[Journeyman]

how does GradPlus differ from stafford subsidized/unsubsidized loans?  is it better to be rewarded that?

If you filed the FAFSA, you can be automatically qualified for subsidized and unsubsidized loans (Stafford) before you move to GradPLUS.  Many schools won't let you apply for GradPLUS before you go through Stafford.  The Stafford loans are federal while GradPLUS is private.

[Le Docteur De Peste]

Here's another question I have re GradPLUS loans:

So I've qualified for this loan, effectively meaning that a lender will cover my school's entire estimated budget (less grants, staffords, etc., etc.).

My question is that I think the school's estimated budget is a little bit larger than I actually need. I can easily lower the number, but I'm afraid that if I miss something in factoring my living expenses for 9 months into the future that I could be left eating cold beans out of a can.

As of right now my inclination is to just run w/ the estimated budget because I'm a 0L and don't know how my lifestyle will change come law school, then come the summer b/t 1L and 2L I can make a more accurate decision in deciding my FinAid for next year.

Any advice/comments are welcome.

[EEtoJD]

tag