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Kavity

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Which is better to take out, a private loan or a Grad Plus loan?
Also, how does loan forgiveness work after graduation? Is it better to take out a Grad Plus loan (does it also count in loan forgiveness?)?
 

Student Loan Planner

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Grad plus loans are federal and are better to take out initially. If you become a private practice attending then you can refinance a grad plus loan to a better interest rate. If you do residency then a not for profit hospital, the grad plus is eligible for PSLF if you submit your certification forms
 

DrMidlife

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grad plus is a federal loan program
 

Kavity

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Grad plus loans are federal and are better to take out initially. If you become a private practice attending then you can refinance a grad plus loan to a better interest rate. If you do residency then a not for profit hospital, the grad plus is eligible for PSLF if you submit your certification forms
But would the Grad Plus loan be considered for loan forgiveness the same way that other federal loans would?
(I'm assuming that private loans would not be considered for loan forgiveness.)
And with all this, would you advise someone to take out a grad plus loan over a private loan with lower interest rates?
Just trying to get a better idea for the future. Thanks in advance!!
 

sazerac

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Grad plus loans are available for loan forgiveness.

The comment about refinancing to a private loan to get a lower interest rate is interesting. The interest rate on a federal loan would be even lower... it would be negative 1200% APR the month it is forgiven at 10 years (non-profit) or 20 years (for profit) of work.
 

Kavity

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Grad plus loans are available for loan forgiveness.

The comment about refinancing to a private loan to get a lower interest rate is interesting. The interest rate on a federal loan would be even lower... it would be negative 1200% APR the month it is forgiven at 10 years (non-profit) or 20 years (for profit) of work.
Any idea if can switch my private loan to a grad plus loan now? As in take out a grad plus loan and pay off my private loan with that?
 

DrMidlife

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Any idea if can switch my private loan to a grad plus loan now? As in take out a grad plus loan and pay off my private loan with that?
Nope. The only way to get a federal student loan is to apply as a student to get funding for coursework you're about to take or are in the process of taking.
 

NeuroendoHolism

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If I go to an international school that accepts federal funding like the Fafsa, will Ibe eligible for grad plus loans also?
 
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