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Intern
Joined: 02 Oct 2010
Posts: 8
Followers: 0
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Grad Plus Loans vs Private Loans [#permalink]
 01 Jun 2011, 20:01
I am trying debating whether to take out grad plus loans or private loans after exhausting the stafford loans.
Grad Plus
From Fed. Govt (more lenient in deference, can consolidate w/ other fed loans after graduating)
Fixed Rate at 7.9% Repayment terms up to 25 yrs
2.5% origination fee
Private Loans
Variable Rate (avg 7% currently)
Repayment up to 20 yrs
No Origination Fee
2% reward (of principle) at graduation
.25% auto debit payment reduction during payment period
Thoughts?
Thoughts?
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Current Student
Joined: 23 Sep 2010
Posts: 233
Location: United States (MN)
Concentration: Entrepreneurship, Marketing
Schools: Harvard Business School - Class of 2013
GMAT 1: 750 Q48 V45
GPA: 3.67
WE: Supply Chain Management (Consumer Products)
Followers: 13
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Re: Grad Plus Loans vs Private Loans [#permalink]
01 Jun 2011, 21:04
Yeah, I've been going back and forth on this myself recently. The smart thing seems to be to split the difference and take out both Grad Plus as well as private loans and prioritize repayment based on the interest rate. Still even among private loans, there are a ridiculous number of options which make my head spin. Sallie Mae, Citi, and my schools credit union are currently the top three private loans I'm considering (along with Grad Plus) but I need to do more research since my school provided a list of like 15 different private loan sources.
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Senior Manager
Joined: 29 Jun 2010
Posts: 252
Schools: LBS, Oxford
Followers: 6
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Re: Grad Plus Loans vs Private Loans [#permalink]
01 Jun 2011, 23:01
US is so cool...
back in India....getting education loan for foreign education is nightmare...+ apprently there is a cap of 45-50K USD types
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Re: Grad Plus Loans vs Private Loans
[#permalink]
01 Jun 2011, 23:01
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