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Financing FT MBA

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SVP
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Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
Followers: 16

Kudos [?]: 179 [0], given: 2

 [#permalink] New post 19 Mar 2007, 13:22
ok, I checked.

Yep, your initial term is 10 years, but I imagine most of us will consolidate to make use of a longer term. You can always pre-pay without penalty -- a good idea, especially if you're making major bank -- but it will probably be nice to have a lower required payment in case you need some wiggle room at some point.

Also, I mentioned this elsewhere, but think it's worth repeating: Do shop around before you settle on a lender - for all your loans. The rate and terms are fixed for federal loans, so don't worry about that. But there are other things to consider, even for these loans: most lenders charge origination (3%) and guarantee (1%) fees, but some don't. Also, others will give you additional benefits once you enter repayment -- rate and even principal deductions.

For private loans, check out http://bankrate.com/brm/rate/college_home.asp for comparisons. We're fans of http://www.myrichuncle.com for private loans, and last I knew they were leading the pack. I do know that the average rate is around 8.7, but I've recently seen rates as high as 11%!

And since you all (at least those of you in US/Euro) make two or three times what I do, I thought about asking for donations for all the free financial education I've been dishing out....I could set up a tree-hugger-wants-mba Pay Pal account or something. Instead, though, I will ask you to consider supporting the good work my credit union does when you get your student loans. We offer some of the best deals (waived/limited origination fees plus lots of post-grad bennies), and all you have to do is plug in our number when you borrow and we'll get a kick-back.

So PM me if you think you might be interested. You'll get the loan you want -- at the best terms -- and do some good at the same time.
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Joined: 12 Feb 2007
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 [#permalink] New post 20 Mar 2007, 03:55
11%.....ouch

I've heard of people using their student loans for a down payment on a house considering that the interest rate would be so low (and that tuition was not a 100k), but at 11% it wouldn't make much sense...

Thanks for all the info
  [#permalink] 20 Mar 2007, 03:55
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