Financial Advice Please! Does this sound good?

[tissy]

Plus Loan 28,700
Subsidized loan 8,500
Unsubsidzed 36,400
Federal Perkins 5,000
Loan
_______________________
68,600

Any advice if this were offered to you? Is the plus loan a good deal or should I find my own lender? Please your comments are needed...

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[jackbauer!]

Plus Loan 28,700
Subsidized loan 8,500
Unsubsidzed 36,400
Federal Perkins 5,000
Loan
_______________________
68,600

Any advice if this were offered to you? Is the plus loan a good deal or should I find my own lender? Please your comments are needed...

i thought the maximum stafford amound was $38.5k-ish?? How did you get $36.4k + $8.5k??

 

[Lesley]

Plus Loan 28,700
Subsidized loan 8,500
Unsubsidzed 36,400
Federal Perkins 5,000
Loan
_______________________
68,600

Any advice if this were offered to you? Is the plus loan a good deal or should I find my own lender? Please your comments are needed...

I think you got a reasonable package. You did get the Perkins, a very nice 5% loan, and you did get the full subsidized Stafford as well. If your school awards Health Professions Loan, a 5% loan like Perkins, you could contact them and ask if they can offer you one. Then you wouldn't have to borrow as much from GradPLUS. I think that max for the HPL is aprox $6,000/yr, but don't quote me on that. If you go to the Financial Aid site, the students that participate on that forum are specific loan and lender knowledgable. Unfortunately, they have experience! You could post a specific question about the school recommended GradPLUS lender and see what feedback you get. I am out of the loop regarding specific lenders, but my son will be considered a graduate student this year, so I'm sure, like you, we will start to become informed too. BTW, PLUS is a very good loan after the Perkins, HPL and Staffords. Although unsubsidized and at a higher interest rate, 8.5%, GradPLUS loans are still much less expensive than private loans. PLUS loans are fixed interest rate loans. Private loans float 2-3% over prime forever! Don't forget to post your questions regarding a lender or loans on the Financial Aid site, I'll be looking to see what they say too! Good Luck.

 

[12YearOldKid]

Plus Loan 28,700
Subsidized loan 8,500
Unsubsidzed 36,400
Federal Perkins 5,000
Loan
_______________________
68,600

Any advice if this were offered to you? Is the plus loan a good deal or should I find my own lender? Please your comments are needed...

Please tell me that's not for one year!!!???

 

[Lesley]

Please tell me that's not for one year!!!???

I'm sure it is. Have you seen U of Penn's 2007 - 2008 COA yet?

http://www.dental.upenn.edu/academic/DMDprogram/dmd-tuition.html

Dental school is not inexpensive, almost everywhere.

 

[apaul]

suddenly my 53k COA looks so much better

 

[pacbum]

i thought the maximum stafford amound was $38.5k-ish?? How did you get $36.4k + $8.5k??

it's about 43k or so, where about 8.5k is subsidized. i remember the FA counselors at interviews said that they raised it a little from previous years (although that's about 45k)

I'm sure it is. Have you seen U of Penn's 2007 - 2008 COA yet?

http://www.dental.upenn.edu/academic/DMDprogram/dmd-tuition.html

Dental school is not inexpensive, almost everywhere.

that was pretty much the deciding factor...haha

 

[catytweety]

Plus Loan 28,700
Subsidized loan 8,500
Unsubsidzed 36,400
Federal Perkins 5,000
Loan
_______________________
68,600

Any advice if this were offered to you? Is the plus loan a good deal or should I find my own lender? Please your comments are needed...

I went with Grad Plus and used Graduate Leverage as my lender.
They seem pretty good - I would check them out
graduateleverage.com

 

[PlanB21]

I'm sure it is. Have you seen U of Penn's 2007 - 2008 COA yet?

http://www.dental.upenn.edu/academic/DMDprogram/dmd-tuition.html

Dental school is not inexpensive, almost everywhere.

Oh my freaking goodness, I thank God everyday I got into my state school and chose that one instead of going out of state to the other schools i got in...!

 

[tissy]

Plus Loan 28,700
Subsidized loan 8,500
Unsubsidzed 36,400
Federal Perkins 5,000
Loan
_______________________
68,600

Any advice if this were offered to you? Is the plus loan a good deal or should I find my own lender? Please your comments are needed...

 

[okbye]

Is that your financial aid award?
If you need the money from the PLUS loan you won't do any better finding your own loan. If that's the federal aid you are being offered the only thing you could get on your own would be a private loan and you don't want to do that. PLUS loans are at 8.5%, not bad comapritively. You can choose any lender you like to take the loans out with though, you don't have to use the one(s) the school recommends. They just tell you how much you are approved for.

 

[bretticus]

Maybe I can't add, but doesn't that come to $78,600?

 

[Googles]

How did you get so much money in Stafford Loans? I only got approved for $20,500 and my tuition is almost $47,000! I got $8,500 subsidized and $12,000 unsubsidized for one year.

Please advise...

 

[billermo]

How did you get so much money in Stafford Loans? I only got approved for $20,500 and my tuition is almost $47,000! I got $8,500 subsidized and $12,000 unsubsidized for one year.

Please advise...

I've been doing lots of research on Stafford loans since our school is limiting the amount of Stafford we can take (which I disagree with and currently contesting their policy).

According to my research you should be able to take the following:
$8,500 subsidized (providing you qualify)
$12,000 unsubsidized (effective 7/1/07)
$26,667 additional unsubsidized (assuming 12 month academic calendar), otherwise $20,000 for 9 month
Total $47,167 or $40,500 depending on school calendar of 12 or 9 months

The total aggregate limit of Stafford is $189,125. Not sure if this goes up July 1st. If you took Stafford loans for undergrad, you may hit your aggregate limit before you finish dental school.

 

[tissy]

I've been doing lots of research on Stafford loans since our school is limiting the amount of Stafford we can take (which I disagree with and currently contesting their policy).

According to my research you should be able to take the following:
$8,500 subsidized (providing you qualify)
$12,000 unsubsidized (effective 7/1/07)
$26,667 additional unsubsidized (assuming 12 month academic calendar), otherwise $20,000 for 9 month
Total $47,167 or $40,500 depending on school calendar of 12 or 9 months

The total aggregate limit of Stafford is $189,125. Not sure if this goes up July 1st. If you took Stafford loans for undergrad, you may hit your aggregate limit before you finish dental school.

My unsubsidized says 18,200 a semester..not sure if it's a mistake but thats what I've been awarded....and my additional exceeds what you have posted...

 

[billermo]

My unsubsidized says 18,200 a semester..not sure if it's a mistake but thats what I've been awarded....and my additional exceeds what you have posted...

The way I understand it is $18,500 is the maximum Graduate Stafford before 7/1/07. After this it will be $20,500 ($8,500 sub + $12,000 unsub). The unsub portion goes up by $2,000 to $12,000 from $10,000.

Since we are health professionals, we are entitled to an "additional unsub" up to $26,667. This gives the total annual Stafford limit of $47,167 based on a 12 mo academic year. It's prorated, so a 9 mo program should only receive $20,000 with an annual Stafford limit of $40,500, and so on.

Everything above only applies to Stafford money. Once you hit an aggregate of $189,125 you are cut off. This aggregate limit includes ALL Stafford money you received from undergrad and grad school.

Your annual Stafford amount is then deducted from your cost of attendance minus other aid/programs/loans (HPSL, Perkins, scholarships, etc.) The difference is awarded in GradPlus or private loans. If you have outstanding Stafford loans from undergrad, your FAO may reduce your annual Stafford amount to spread it out over the length of your education.

Anyway, I hope this helps.

GradPlus is a good deal at 8.5% interest and 3% origination fee. Wachovia has a program that appears to be good. They claim to credit back the 3% origination fee after 180 days and reduce your interest to 7.9% during school. Of course, do your own research and choose the lender that's best for you.

 

[tissy]

thanks helps a bunch!!

The way I understand it is $18,500 is the maximum Graduate Stafford before 7/1/07. After this it will be $20,500 ($8,500 sub + $12,000 unsub). The unsub portion goes up by $2,000 to $12,000 from $10,000.

Since we are health professionals, we are entitled to an "additional unsub" up to $26,667. This gives the total annual Stafford limit of $47,167 based on a 12 mo academic year. It's prorated, so a 9 mo program should only receive $20,000 with an annual Stafford limit of $40,500, and so on.

Everything above only applies to Stafford money. Once you hit an aggregate of $189,125 you are cut off. This aggregate limit includes ALL Stafford money you received from undergrad and grad school.

Your annual Stafford amount is then deducted from your cost of attendance minus other aid/programs/loans (HPSL, Perkins, scholarships, etc.) The difference is awarded in GradPlus or private loans. If you have outstanding Stafford loans from undergrad, your FAO may reduce your annual Stafford amount to spread it out over the length of your education.

Anyway, I hope this helps.

GradPlus is a good deal at 8.5% interest and 3% origination fee. Wachovia has a program that appears to be good. They claim to credit back the 3% origination fee after 180 days and reduce your interest to 7.9% during school. Of course, do your own research and choose the lender that's best for you.