GRAD PLUS Questions and Answers 2007

[Le Docteur De Peste]

[The Poster]

Some folks are born silver spoon in hand,
Lord, don't they help themselves, oh.
But when the taxman comes to the door,
Lord, the house looks like a rummage sale, yes,

It ain't me, it ain't me, I ain't no millionaire's son, no.
It ain't me, it ain't me; I ain't no fortunate one, no.

[Denny Crane]

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.

HLS thinks this is my situation, even though I'm an inner-city minority kid from the Bronx!

Bull...

[Zam]

tag

[Reesespbcup]

I started to ask a question about the diff between GradPlus and private but then I googled it and found this chart with the differences.

The Deferment info seems at odds with the repayment info on the Plus loan though...Thoughts? Also, what about "points" neither one discusses points...

http://www.wm.edu/financialaid/gradplusloan.pdf

[The Poster]

I started to ask a question about the diff between GradPlus and private but then I googled it and found this chart with the differences.

The Deferment info seems at odds with the repayment info on the Plus loan though...Thoughts? Also, what about "points" neither one discusses points...

http://www.wm.edu/financialaid/gradplusloan.pdf

Right from the government itself:
"The U.S. Department of Education charges a loan fee of 4% of the principal amount or each Direct PLUS Loan."
http://www.ifap.ed.gov/eannouncements/attachments/0623HERAOPGradPLUSAttachDGradPLUSQA.doc

loan fee/origination fee = "points"

[Le Docteur De Peste]

I started to ask a question about the diff between GradPlus and private but then I googled it and found this chart with the differences.

The Deferment info seems at odds with the repayment info on the Plus loan though...Thoughts? Also, what about "points" neither one discusses points...

http://www.wm.edu/financialaid/gradplusloan.pdf

Right from the government itself:
"The U.S. Department of Education charges a loan fee of 4% of the principal amount or each Direct PLUS Loan."
http://www.ifap.ed.gov/eannouncements/attachments/0623HERAOPGradPLUSAttachDGradPLUSQA.doc

loan fee/origination fee = "points"

I know THE (Total Higher Education/www.northstar.org), the lender for my GradPLUS loan, acknowledges the fee but then immediately reimburses it upon payment. And The Access Group (www.accessgroup.org), another non-profit lender, pays the fees for you immediately.

It's their way of competing with private lenders who don't have to charge such origination fees (because it's a private loan and not regulated like a GradPLUS loan).

Phew.

[The Poster]

All true, but some schools (Michigan being one of them) participate in Direct Loans and don't go through an external lender for GradPLUS loans. In Michigan's case, they do not allow you to use a private lender for your GradPlus loan, you are stuck with the Direct Loan way of doing it, which isn't all that bad (I think the interest rate is like a point lower, actually), but it does rule out all those nice bonus things like getting to waive fees.

[Le Docteur De Peste]

All true, but some schools (Michigan being one of them) participate in Direct Loans and don't go through an external lender for GradPLUS loans. In Michigan's case, they do not allow you to use a private lender for your GradPlus loan, you are stuck with the Direct Loan way of doing it, which isn't all that bad (I think the interest rate is like a point lower, actually), but it does rule out all those nice bonus things like getting to waive fees.

S-hitty in the city.

[The Poster]

All true, but some schools (Michigan being one of them) participate in Direct Loans and don't go through an external lender for GradPLUS loans. In Michigan's case, they do not allow you to use a private lender for your GradPlus loan, you are stuck with the Direct Loan way of doing it, which isn't all that bad (I think the interest rate is like a point lower, actually), but it does rule out all those nice bonus things like getting to waive fees.

S-hitty in the city.

New York S-hitty.