Quantcast

Graduate PLUS loan vs. Private Loan

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

informatique

Full Member
10+ Year Member
Joined
Mar 24, 2008
Messages
190
Reaction score
0

Members don't see this ad.
http://www.salliemae.com/get_student_loan/find_student_loan/grad/dentaloans/dental_grad_private.htm

http://www.salliemae.com/get_student_loan/find_student_loan/grad/dentaloans/dental_plus.htm


http://blog.wellsfargo.com/StudentLoanDown/2008/02/lower_student_loan_interest_ra_1.html

In undergraduate school, my tuition was covered by grants and subsidized loans. My parents chipped in for my rent and I was able to pay for other living expenses.

I'm definitely going to have to borrow more money from other sources to cover the costs of dental school. I've been trying to find as much information concerning the graduate PLUS loan and private loans. Can anyone who has experience with either provide pertinent information concerning these two?

I don't really have a single clue about taking out private loans so I will have to do further research before/while I start to fill out FAFSA.
 
Last edited:

lotexigeus

Master Member
10+ Year Member
7+ Year Member
Joined
Jul 6, 2006
Messages
424
Reaction score
2
http://www.salliemae.com/get_student_loan/find_student_loan/grad/dentaloans/dental_grad_private.htm

http://www.salliemae.com/get_student_loan/find_student_loan/grad/dentaloans/dental_plus.htm


http://blog.wellsfargo.com/StudentLoanDown/2008/02/lower_student_loan_interest_ra_1.html

In undergraduate school, my tuition was covered by grants and subsidized loans. My parents chipped in for my rent and I was able to pay for other living expenses.

I'm definitely going to have to borrow more money from other sources to cover the costs of dental school. I've been trying to find as much information concerning the graduate PLUS loan and private loans. Can anyone who has experience with either provide pertinent information concerning these two?

I don't really have a single clue about taking out private loans so I will have to do further research before/while I start to fill out FAFSA.

http://letmegooglethatforyou.com/?q=grad+plus+and+private+loans
 

aegdboy

Full Member
10+ Year Member
Joined
Dec 1, 2008
Messages
72
Reaction score
0
Long story short.

Grad plus is fixed for life.

Private loans are all over the place. Given the cost of education, private loans are a bigger gamble.

BUT, and a BIG BUT, current private loans are at lower interest rates than grad plus. BUT and even BIGGER BUT, will it remain like that????

Personally I took grad plus so I would not have to worry that my private loans would go to a sky high interest. Even if you consolidate a private loan, it does not fix the rate.

Only you can decide how much risk you are willing to take
 

jiggajoe2

Full Member
10+ Year Member
Joined
Oct 30, 2006
Messages
22
Reaction score
0
you can't get a private loan with a fixed apr???
 

informatique

Full Member
10+ Year Member
Joined
Mar 24, 2008
Messages
190
Reaction score
0
Long story short.

BUT, and a BIG BUT, current private loans are at lower interest rates than grad plus. BUT and even BIGGER BUT, will it remain like that????

Even if you consolidate a private loan, it does not fix the rate.

I'll have to find a valid source to confirm this, but this was one of my main concerns.
 

abrown15

Full Member
10+ Year Member
7+ Year Member
Joined
Jan 10, 2007
Messages
34
Reaction score
0
got question... what about those many people,, like myself... who have not so great credit and no good co-signers? will this prevent me from being able to pay for school and get enough loan money through the grad plus loan.
.. what is exactly consitutes you not being eligebile to get a grad plus loan as far as score wise?..
and what are they alternatives? .. do i just have to suck it up and join the army!!?!?!?:confused::eek:
-also,, how does one apply for the hsps loan? where its based off you and your parents' income?
..please any feedback from those who have or are going through the process and have heard from banks.. thanks!
GOD Bless and Merry Christmas!
~ana~
 

Hysteria24

1K Member
10+ Year Member
15+ Year Member
Joined
Feb 22, 2002
Messages
1,511
Reaction score
6
what is exactly consitutes you not being eligebile to get a grad plus loan as far as score wise?..

http://studentaid.ed.gov/students/attachments/funding/PlusLoansQA.pdf

"What is considered to be an adverse credit history?

You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or writeoff of a Federal Student Aid debt (for example, a Direct Loan or FederalStafford Loan)."
 
Top