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Author Topic: Grad Plus- Law Loans or Student Signature Loan??  (Read 2012 times)

jillibean

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Grad Plus- Law Loans or Student Signature Loan??
« on: June 03, 2007, 07:31:57 PM »
So I am starting the whole process of applying for a loan but I am a tad confused seeing as how I never had to apply for a loan before. I want to get a Grad Plus loan through Sallie Mae but the only two options of programs through sallie mae: law loans or the student signature loan. Which one is Grad Plus or is it neither?
UMiami c/o 2010

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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #1 on: June 07, 2007, 03:57:45 PM »
So I am starting the whole process of applying for a loan but I am a tad confused seeing as how I never had to apply for a loan before. I want to get a Grad Plus loan through Sallie Mae but the only two options of programs through sallie mae: law loans or the student signature loan. Which one is Grad Plus or is it neither?

Its neither. Grad plus is all by itself. Lawloans from sallie mae are just like private loans. The credit requirements are different from that of the GradPlus in that your FICO score will be utilised in determining your eligibility. Signature student loan is just another private loan offered by sallie mae. Stick with the Grad Plus for now and see if you need some more money later.
Washington University School of Law 2010

Butters Stotch

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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #2 on: June 12, 2007, 11:44:56 AM »
So I am starting the whole process of applying for a loan but I am a tad confused seeing as how I never had to apply for a loan before. I want to get a Grad Plus loan through Sallie Mae but the only two options of programs through sallie mae: law loans or the student signature loan. Which one is Grad Plus or is it neither?

Its neither. Grad plus is all by itself. Lawloans from sallie mae are just like private loans. The credit requirements are different from that of the GradPlus in that your FICO score will be utilised in determining your eligibility. Signature student loan is just another private loan offered by sallie mae. Stick with the Grad Plus for now and see if you need some more money later.

I disagree.  If you can get a lawloan or student signature loan at a lower rate than the Grad Plus loan (which is, currently, set at 8.5%) then it might be worth it to forgo the Grad Plus loan in favor of one of these other types.

You can get a Grad Plus loan through Sallie Mae, though.  Mine was approved yesterday.
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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #3 on: June 12, 2007, 04:40:16 PM »
So I am starting the whole process of applying for a loan but I am a tad confused seeing as how I never had to apply for a loan before. I want to get a Grad Plus loan through Sallie Mae but the only two options of programs through sallie mae: law loans or the student signature loan. Which one is Grad Plus or is it neither?

Its neither. Grad plus is all by itself. Lawloans from sallie mae are just like private loans. The credit requirements are different from that of the GradPlus in that your FICO score will be utilised in determining your eligibility. Signature student loan is just another private loan offered by sallie mae. Stick with the Grad Plus for now and see if you need some more money later.

I disagree.  If you can get a lawloan or student signature loan at a lower rate than the Grad Plus loan (which is, currently, set at 8.5%) then it might be worth it to forgo the Grad Plus loan in favor of one of these other types.

You can get a Grad Plus loan through Sallie Mae, though.  Mine was approved yesterday.

I agree but I think the OP's question was more directed to understanding the varying types of loans available and not necessarily the one with the best deal. Speaking of sallie mae, how long did your whole loan process take?
Washington University School of Law 2010

Butters Stotch

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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #4 on: June 13, 2007, 12:36:46 PM »
So I am starting the whole process of applying for a loan but I am a tad confused seeing as how I never had to apply for a loan before. I want to get a Grad Plus loan through Sallie Mae but the only two options of programs through sallie mae: law loans or the student signature loan. Which one is Grad Plus or is it neither?

Its neither. Grad plus is all by itself. Lawloans from sallie mae are just like private loans. The credit requirements are different from that of the GradPlus in that your FICO score will be utilised in determining your eligibility. Signature student loan is just another private loan offered by sallie mae. Stick with the Grad Plus for now and see if you need some more money later.

I disagree.  If you can get a lawloan or student signature loan at a lower rate than the Grad Plus loan (which is, currently, set at 8.5%) then it might be worth it to forgo the Grad Plus loan in favor of one of these other types.

You can get a Grad Plus loan through Sallie Mae, though.  Mine was approved yesterday.

I agree but I think the OP's question was more directed to understanding the varying types of loans available and not necessarily the one with the best deal. Speaking of sallie mae, how long did your whole loan process take?

I applied online, then followed up with a phone call to make sure everything went through.  The entire process took all of an hour, I think.  I got e-mail confirmation the next day and (supposedly) everything is fine and the money will be dispersed by the school.
I don't want to do it if it hurts or if it makes you get all sticky.

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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #5 on: June 13, 2007, 03:06:04 PM »
So I am starting the whole process of applying for a loan but I am a tad confused seeing as how I never had to apply for a loan before. I want to get a Grad Plus loan through Sallie Mae but the only two options of programs through sallie mae: law loans or the student signature loan. Which one is Grad Plus or is it neither?

Its neither. Grad plus is all by itself. Lawloans from sallie mae are just like private loans. The credit requirements are different from that of the GradPlus in that your FICO score will be utilised in determining your eligibility. Signature student loan is just another private loan offered by sallie mae. Stick with the Grad Plus for now and see if you need some more money later.

I disagree.  If you can get a lawloan or student signature loan at a lower rate than the Grad Plus loan (which is, currently, set at 8.5%) then it might be worth it to forgo the Grad Plus loan in favor of one of these other types.

You can get a Grad Plus loan through Sallie Mae, though.  Mine was approved yesterday.

I agree but I think the OP's question was more directed to understanding the varying types of loans available and not necessarily the one with the best deal. Speaking of sallie mae, how long did your whole loan process take?

I applied online, then followed up with a phone call to make sure everything went through.  The entire process took all of an hour, I think.  I got e-mail confirmation the next day and (supposedly) everything is fine and the money will be dispersed by the school.

You're so damn lucky! I've been working on mine since monday and I've had to provide some documentation. Hopefully I can sleep tight on friday night, by then it should all be over.
Washington University School of Law 2010

jillibean

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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #6 on: June 13, 2007, 06:45:27 PM »
Thanks for the replies.
Yeah, my school is their own lender for Staffords so I went through and did all that and then it sent me to Sallie Mae if I wanted more loans and thats when I got confused. I went back the next day to the main Sallie Mae website and saw Grad Plus- because it wasn't on the previous one. I have great credit and I'm sure I could have gotten a better rate with a private loan but the Grad Plus is fixed which I like and if I become disabled or die before I pay it off then it is forgiven. I just dont want my husband to have to bother with my 150K if something happens to me. It took me about 20 minutes to finish the whole process.
UMiami c/o 2010

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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #7 on: June 18, 2007, 04:15:54 PM »
Got my Gradplus approved by sallie mae, I'm good to go!  :)
Washington University School of Law 2010

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Re: Grad Plus- Law Loans or Student Signature Loan??
« Reply #8 on: June 18, 2007, 04:18:01 PM »
Im going through Total Higher Education.

My credit score is >760 and I still was getting offers of 10+% with a cosigner with 800+ credit...

NO THX private loans.

PS - The Grad plus loans new rate kicks in july 1, talked to someone from fafsa and they said the rates are going up so little that its insignificant.

PPS - Gradplus is 8.5 fixed, most private loans are variable, keep this in mind.