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Learn what truly sets the UC Riverside MBA apart and how it helps in your professional growth
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If you’re applying to Columbia, NYU Stern, or Yale SOM, you need more than strong stats. Each school defines “leadership” differently, and your essays must reflect that. Join Sia Admissions founder, Susan Berishaj on November 20th
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22 Apr 2010, 14:48
Kudos
Bookmarks
I'm likely going to need to borrow the full cost of my MBA education. I took a look at some rates:
I have one sample point for a private loan:
SUNTRUST
Rates for graduate students as low as one-month London Interbank Offered Rate (LIBOR)4 + 3.50%, currently a 3.75% interest rate and 3.66%% APR
Federal Direct Stafford Loan Program
Loan Amounts: $20,500 per year (up to $8,500 may be subsidized, depending on need)
Loan Fees: Up front fee is .5%. An additional .5% loan fee will be charged in repayment only if you fail to make your first twelve repayments on time.
Interest Rates: Fixed Rate of 6.8%
Federal Direct Graduate PLUS Loan
Loan Amounts: $0 up to the student budget minus other financial aid and sponsorship
Loan Fees: 4% (2.5% is charged up front. The remaining 1.5% will never be charged as long as you make your first 12 repayments on time.)*
Interest Rates: The Direct Graduate PLUS Loan has a fixed 7.9% rate.
So my question is, if I have good credit, why would I ever want one of these government loans? The Suntrust Private loan is less than 4% APR, so that seems like the best choice. But everywhere I look, it's recommended that students start by borrowing from the government loans. What am I missing here?
I have one sample point for a private loan:
SUNTRUST
Rates for graduate students as low as one-month London Interbank Offered Rate (LIBOR)4 + 3.50%, currently a 3.75% interest rate and 3.66%% APR
Federal Direct Stafford Loan Program
Loan Amounts: $20,500 per year (up to $8,500 may be subsidized, depending on need)
Loan Fees: Up front fee is .5%. An additional .5% loan fee will be charged in repayment only if you fail to make your first twelve repayments on time.
Interest Rates: Fixed Rate of 6.8%
Federal Direct Graduate PLUS Loan
Loan Amounts: $0 up to the student budget minus other financial aid and sponsorship
Loan Fees: 4% (2.5% is charged up front. The remaining 1.5% will never be charged as long as you make your first 12 repayments on time.)*
Interest Rates: The Direct Graduate PLUS Loan has a fixed 7.9% rate.
So my question is, if I have good credit, why would I ever want one of these government loans? The Suntrust Private loan is less than 4% APR, so that seems like the best choice. But everywhere I look, it's recommended that students start by borrowing from the government loans. What am I missing here?
22 Apr 2010, 15:00
Kudos
Bookmarks
I think I figured it out. The private loan interest rate varies with LIBOR, so the interest from my private loan could change from month to month. And it could increase beyond what the Federal rates are.
22 Apr 2010, 20:29
Kudos
Bookmarks
Not sure if you ever saw this thread on GMATClub, but I always thought it was super useful for those of us doing the MBA with loans (yes, I'm one also, and a dual degree at that).
financing-your-mba-41568-120.html
Also, I guess I don't know enough about interest rates slash finance in general to sound intelligent, but maybe someone else can confirm that the chart below would be the relevant one to learn a little more about Suntrust's terms?
financing-your-mba-41568-120.html
Also, I guess I don't know enough about interest rates slash finance in general to sound intelligent, but maybe someone else can confirm that the chart below would be the relevant one to learn a little more about Suntrust's terms?
Attachments
LIBOR4.jpg [ 40.75 KiB | Viewed 6972 times ]
