- Joined
- Nov 14, 2007
- Messages
- 70
- Reaction score
- 0
Alright I have a few questions about grad plus loans. I am starting as an m1, and as of right now, I am probably gonna get 42k in stafford loans and about 8 K in grad plus loans. It is my understanding that the loans are disbursed periodically and you don't get all the money at once.
Do you get money from the stafford loans first, and then from grad plus or do you get money from both lenders together?
Lets say in the middle of the year, I realize that I can make do with less, and decide to reduce my grad plus loan. Do i still pay the 4% origination fee on the original 8k, or does it get prorated to the amount of money I actually end up taking?
When planning the loan, is it better to ask for a little bit more than you need, and reducing it later, or to ask a little bit less than you need, and increasing it later?
I also don't really understand the pros/cons of IBR vs forbearance. In which situations/specialties is it more advantageous to do IBR. There just seem to be so many different factors, and options of repayment, that I can't really determine which would be the best way. I am beginning to think they should make accounting 101 a pre req.
Do you get money from the stafford loans first, and then from grad plus or do you get money from both lenders together?
Lets say in the middle of the year, I realize that I can make do with less, and decide to reduce my grad plus loan. Do i still pay the 4% origination fee on the original 8k, or does it get prorated to the amount of money I actually end up taking?
When planning the loan, is it better to ask for a little bit more than you need, and reducing it later, or to ask a little bit less than you need, and increasing it later?
I also don't really understand the pros/cons of IBR vs forbearance. In which situations/specialties is it more advantageous to do IBR. There just seem to be so many different factors, and options of repayment, that I can't really determine which would be the best way. I am beginning to think they should make accounting 101 a pre req.