So, for private loans, if the % isn't locked it, does that mean that whatever % you take them on at (during your 1L or 2L years) can change before you even graduate? Like, they're at 3% when you choose them, but by the time you graduate they're up to 8%?
Thanks, the W&M site explained a lot for me. So, basically it's deciding if you'd rather have less interest accruing while you're in LS and take the chance that it goes up which is good if you want to pay it off quickly, vs. have a set rate that is higher (but possibly better if you're going to be on a 30 year plan).
Out of curiosity, what makes you think the prime rates will go higher? 8.5 seems like a high rate, but I haven't checked out what private lenders are offering. If they're offering anything a lot lower, wouldn't it make sense, short-term to take that and risk it for a few years? Or is that too great a risk?
A fin. advisor I spoke with said 750 was the magic number to make it worth it to get private loans instead of GRADPLUS.
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