Last visit was: 16 Jul 2024, 13:44 It is currently 16 Jul 2024, 13:44
Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Close
Request Expert Reply
Confirm Cancel
SORT BY:
Date
 1   2   3  ...  19   
User avatar
SVP
SVP
Joined: 01 Nov 2006
Posts: 1854
Own Kudos [?]: 233 [29]
Given Kudos: 2
Concentration: Social Enterprise
Schools:The Duke MBA, Class of 2009
Send PM
avatar
Intern
Intern
Joined: 30 Mar 2007
Posts: 7
Own Kudos [?]: 4 [2]
Given Kudos: 0
Send PM
User avatar
CEO
CEO
Joined: 17 Jul 2004
Posts: 3249
Own Kudos [?]: 516 [2]
Given Kudos: 0
Send PM
User avatar
Current Student
Joined: 04 Dec 2006
Posts: 440
Own Kudos [?]: 27 [2]
Given Kudos: 0
Send PM
[#permalink]
2
Kudos
Aaudetat,

Are Grad PLUS loans only offered for certain Universities? I was looking for Rice and could not find it. I then decided to look for Vanderbilt and it too was not on the list? :roll:
User avatar
SVP
SVP
Joined: 01 Nov 2006
Posts: 1854
Own Kudos [?]: 233 [3]
Given Kudos: 2
Concentration: Social Enterprise
Schools:The Duke MBA, Class of 2009
Send PM
[#permalink]
3
Kudos
No, GradPLUS is available anywhere that stafford loans are available.
User avatar
Current Student
Joined: 04 Dec 2006
Posts: 440
Own Kudos [?]: 27 [2]
Given Kudos: 0
Send PM
[#permalink]
2
Bookmarks
aaudetat wrote:
No, GradPLUS is available anywhere that stafford loans are available.


Maybe it is just the online application that is omitting those universities for some reason? Thanks for the info.
User avatar
Senior Manager
Senior Manager
Joined: 03 Aug 2006
Posts: 415
Own Kudos [?]: 9 [2]
Given Kudos: 0
Send PM
[#permalink]
2
Kudos
aaudetat,

I was doing my homework on this lately.

Here is my conclusion.

1. Take the Sub Stafford Loan only $8500 per year. sucks.

2. Instead of the usual Unsub Stafford Loan for $12000 @ 6.8%, take the Graduate PLUS Loan all the way. but Must go with College Founction of NC.
After I compared numberous lenders, I realized that this one is actually slightly better than the Fed's Unsub Stafford Loan.
It is at 5.5% plus 3% automatically credited back to principal loan balance. The only thing that can beat this is the Perkins loan.
CEO
CEO
Joined: 29 Jan 2005
Posts: 2883
Own Kudos [?]: 1142 [0]
Given Kudos: 0
Send PM
[#permalink]
Hjort wrote:


The Perkins loan program is a federal loan program that provides low interest (5%) loans to students who demonstrate exceptional financial need.


Auudetat or anybody else happen to know where the cutoff point for "exceptional need" is defined? <60K annual salary? 40K? 10K??
User avatar
Senior Manager
Senior Manager
Joined: 03 Aug 2006
Posts: 415
Own Kudos [?]: 9 [1]
Given Kudos: 0
Send PM
[#permalink]
1
Kudos
yeah,

I want the Perkins Loan. what is the qualification?
User avatar
GMAT Club Legend
GMAT Club Legend
Joined: 10 Apr 2007
Posts: 4307
Own Kudos [?]: 806 [0]
Given Kudos: 5
Location: Back in Chicago, IL
Concentration: General/Operations Management
Schools:Kellogg Alum: Class of 2010
 Q49  V42
Send PM
[#permalink]
I am dreading the financial aid issue. If I end up attending school in Boston my wife wants to keep our house and have me commute. Plus she has an excellent salary...I am afraid that we wont qualify for subsidized loans and that we wont get much in the way of aid. I haven't determined if owning a house at this point is going to be good or bad when it comes to qualifying.
User avatar
SVP
SVP
Joined: 01 Nov 2006
Posts: 1854
Own Kudos [?]: 233 [0]
Given Kudos: 2
Concentration: Social Enterprise
Schools:The Duke MBA, Class of 2009
Send PM
[#permalink]
riverripper wrote:
I am dreading the financial aid issue. If I end up attending school in Boston my wife wants to keep our house and have me commute. Plus she has an excellent salary...I am afraid that we wont qualify for subsidized loans and that we wont get much in the way of aid. I haven't determined if owning a house at this point is going to be good or bad when it comes to qualifying.


Owning your home is a neutral factor. Your primary residence is not reported in any way on the FAFSA, which is what is used to determine if you qualify for unsub or sub, Perkins or no. They also don't look at retirement accounts, but do consider checking/savings balances and investments.
User avatar
SVP
SVP
Joined: 01 Nov 2006
Posts: 1854
Own Kudos [?]: 233 [0]
Given Kudos: 2
Concentration: Social Enterprise
Schools:The Duke MBA, Class of 2009
Send PM
[#permalink]
died4me wrote:
yeah,

I want the Perkins Loan. what is the qualification?


I dunno. I am waiting for Duke to come out with those dollars, which is supposed to happen sometime in May. If I don't get it, you have to be unemployed, flipping burgers, or have 10 kids.
User avatar
SVP
SVP
Joined: 01 Nov 2006
Posts: 1854
Own Kudos [?]: 233 [0]
Given Kudos: 2
Concentration: Social Enterprise
Schools:The Duke MBA, Class of 2009
Send PM
[#permalink]
died4me wrote:
aaudetat,

I was doing my homework on this lately.

Here is my conclusion.

1. Take the Sub Stafford Loan only $8500 per year. sucks.

2. Instead of the usual Unsub Stafford Loan for $12000 @ 6.8%, take the Graduate PLUS Loan all the way. but Must go with College Founction of NC.
After I compared numberous lenders, I realized that this one is actually slightly better than the Fed's Unsub Stafford Loan.
It is at 5.5% plus 3% automatically credited back to principal loan balance. The only thing that can beat this is the Perkins loan.


Hmmm. Interesting. Is the 5.5% fixed?

Also, you are allowed to borrow PLUS loans up to the cost of attendance, minus other aid. Obviously, you can turn down any loan they offer, but I bet it's not very common that someone would turn down the staffords in favor of the Plus!

Does anyone know more about this?
User avatar
Senior Manager
Senior Manager
Joined: 03 Aug 2006
Posts: 415
Own Kudos [?]: 9 [0]
Given Kudos: 0
Send PM
[#permalink]
aaudetat wrote:
died4me wrote:
aaudetat,

I was doing my homework on this lately.

Here is my conclusion.

1. Take the Sub Stafford Loan only $8500 per year. sucks.

2. Instead of the usual Unsub Stafford Loan for $12000 @ 6.8%, take the Graduate PLUS Loan all the way. but Must go with College Founction of NC.
After I compared numberous lenders, I realized that this one is actually slightly better than the Fed's Unsub Stafford Loan.
It is at 5.5% plus 3% automatically credited back to principal loan balance. The only thing that can beat this is the Perkins loan.


Hmmm. Interesting. Is the 5.5% fixed?

Also, you are allowed to borrow PLUS loans up to the cost of attendance, minus other aid. Obviously, you can turn down any loan they offer, but I bet it's not very common that someone would turn down the staffords in favor of the Plus!

Does anyone know more about this?


1.75% immediate interest rate reduction at replayment
1.25% interest rate reduction for automatic debit.

It turned out that the Duke Chart had a typo. CFNC said that it is actually .75% not 1.75%. :x

Well, this changes everything. The Stafford is slightly better than the PLUS then.

Still, CFNC is the best PLUS out there.
User avatar
Manager
Manager
Joined: 12 Feb 2007
Posts: 103
Own Kudos [?]: 3 [0]
Given Kudos: 0
Send PM
[#permalink]
what about govt financial aid? Since I am no longer a minor, although still living at home, does my parents income still play a role in how much money I can get?
User avatar
GMAT Club Legend
GMAT Club Legend
Joined: 10 Apr 2007
Posts: 4307
Own Kudos [?]: 806 [0]
Given Kudos: 5
Location: Back in Chicago, IL
Concentration: General/Operations Management
Schools:Kellogg Alum: Class of 2010
 Q49  V42
Send PM
[#permalink]
Tuneman wrote:
what about govt financial aid? Since I am no longer a minor, although still living at home, does my parents income still play a role in how much money I can get?


On the FAFSA there is a whole section on what makes you a dependent or not. If you were born pre 1984 (2007-08 form) you are not a dependent...even better no matter how old if you are getting an advanced degree like an MBA, you are on your own no matter where you live.

So you can qualify without needing to put any of their info on there.
User avatar
Manager
Manager
Joined: 12 Feb 2007
Posts: 103
Own Kudos [?]: 3 [0]
Given Kudos: 0
Send PM
[#permalink]
damn, i was born in 84', but I dont have much income at all, maybe ill still qualify.
User avatar
GMAT Club Legend
GMAT Club Legend
Joined: 10 Apr 2007
Posts: 4307
Own Kudos [?]: 806 [0]
Given Kudos: 5
Location: Back in Chicago, IL
Concentration: General/Operations Management
Schools:Kellogg Alum: Class of 2010
 Q49  V42
Send PM
[#permalink]
Tuneman wrote:
****, i was born in 84', but I dont have much income at all, maybe ill still qualify.


You are talking MBA right? Cause if you are then you qualify.
User avatar
Manager
Manager
Joined: 12 Feb 2007
Posts: 103
Own Kudos [?]: 3 [0]
Given Kudos: 0
Send PM
[#permalink]
oh no, im doing the masters of finance
User avatar
SVP
SVP
Joined: 01 Nov 2006
Posts: 1854
Own Kudos [?]: 233 [0]
Given Kudos: 2
Concentration: Social Enterprise
Schools:The Duke MBA, Class of 2009
Send PM
Re: Financing Your MBA [#permalink]
Guys, I decided to bump this. As folks start hearing about decisions, they start thinking about money....

Keep in mind, this info is from a bit ago, but still a good place to start.
GMAT Club Bot
Re: Financing Your MBA [#permalink]
 1   2   3  ...  19