vk223

5+ Year Member
May 16, 2013
56
21
Status
Dental Student
I just looked over my award letter again few days ago and realize that there's a ridiculous high fee for the Direct graduate plus loan. Around 1,000 for 25,000 I'm borrowing which is 5% just for the fee. Plus the higher interest rate, I feel it's really not worth it.

Does anyone have experience taking out loans from the bank for tuition? Which bank would be the best? I looked up on discover website seems like they have $0 loan fees?
 

MahiMahi

Optimism
7+ Year Member
Mar 13, 2011
201
101
Up in the air
Status
Pre-Dental
I'm not up to date on private loan banks, but you can definitely get a better rate if you're willing to go with a private loan. Various student loan comparison web sites exist.

The downsides are that you lose a lot of the student loan protections/benefits (e.g. being able to defer your loans, grace periods, public service loan forgiveness, changing your repayment plan.) You'll definitely get a better rate though with a good credit score.
 

oralcare123

7+ Year Member
Apr 13, 2010
1,677
721
Status
I may be wrong, but I heard, that with bank loans you have to make monthly payments while you are still in school