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I wish I found this thread before committing my loans to Sallie Mae =( Although, it's only a Stafford & GradPLUS, so they can't gently caress up government loans that much right? Guys? I'm scared now.
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Jul 27, 2007 06:13
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right now im out of school working to pay down a 3k sallie mae and a 40k wells fargo. what i would like to be able to do is get back into school as soon as i can find a job thats actualy during a timeframe i can go to school on. im fairly certain the sallie mae wont be able to defer again but the wells fargo loans will based on what i saw on the consolidation paper i was sent. how much trouble will it be to start defering these loans again?
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Jul 27, 2007 06:46
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CloFan posted:But really, thanks for helping me and other goons out! You rock! Yes you really do rock. It's worth saying that again and again.
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Jul 27, 2007 07:09
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Wiggy Marie posted:Actually they can, they just have to justify it now. Which is perfectly understandable. Preferred lender lists are still very much so in existence, they're just supposed to be based more off of benefits to the student rather than the incentives the school itself gets. Which is nothing but a good thing. There's a rather big difference between preferred lender lists and recommending lenders.
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Jul 27, 2007 17:35
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http://www.oag.state.ny.us/press/2007/apr/College%20Code%20of%20Conduct.pdf Gee look Raskol, no mention of disallowing preferred lender lists! Just stricter guidelines and the requirement to justify the choices! IMAGINE THAT. If you're just going to argue for the sake of arguing, I will gladly just put you on ignore. If you're going to offer assistance to those asking questions, you are more than welcome, but being a pain is just painful. Here's some more reading, for anyone else who might be interested. Preferred lender lists will probably never be eliminated, because quite frankly without a starting point it's just too much research for one student to do in such a relatively short period of time: http://www.finaid.org/loans/preferredlenderlists.phtml CloFan, don't you dare!  I'm a gettin', I'm a gettin'.First of all, that lender list is AWESOME. I love that it gives you the name of the servicing agent for all of them! That's exceptional; I honestly can't say that I've ever seen it. Go your school! The bad news is that all of those refer to your regular Stafford loans, and won't apply to private loans at all. And even better, your school doesn't list a single private loan as a preference. Wow, that sure narrowed that down!  But no need to worry any longer, because that Simple Tuition site I found is actually pretty drat good at breaking these things down. Check it out: http://www.simpletuition.com/undergraduate/form Type in your information and see what pops up. It's a nifty little website, ain't it? They also offer private loan consolidation here: http://www.simpletuition.com/consolidation/looking_private_loan So for all my chickadees looking for private loan consolidation, here's another place I've found. Check it out, lemme know how it goes! Dismayed Jester, any news on that PLUS loan denial? Thomson, I take it all back, all of it. Sallie Mae is a great company. No, seriously. Actually, I'm interested to know what your experience has been. I mean they can't be 100% bad, they're still the highest volume lender (though technically now they're JP Morgan, but you know, whatever). I do apologize on behalf of their lovely customer service. I conferenced with them once for a borrower who was confused, and 1. you couldn't understand a drat word the representative said, and 2. he pushed Geico car insurance at the end of the call. I was horrified by this, and I nearly apologized to the borrower for it but it's not my company and not my problem. But ugh. Pushing other products on a student is just so awful. I felt dirty, and it wasn't even *me*. Anyway, you're correct: even if their service is lovely and I hate them, they're still bound to the same federal policies as everyone else. So they can only screw you within federal guidelines. Huzzah! angry plant, is that all in private loans? Some Stafford? What's what? If you have federal loans that've been consolidated, you still get an in-school deferment while at least half-time or more. Private loans are much harder to pin down; you'd need to call the company directly and ask. MyDogIsBeano, thank you! I'm trying. But to everyone reading, please remember that I'm only human, not the Uber Guru of Federal Loans. I won't mind one bit if you double-check the information I give out...unless you're just being a jerk. Ehem.
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Jul 27, 2007 23:30
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Wiggy Marie posted:kuuz, you are correct. As long as you are at least half-time or more and at a school that is eligible to take federal loans (it doesn't have to actually participate in the program), your student loans are deferred. Your subsidized loans remain subsidized loans at all times; what changes is whether they are accruing interest or not. Simple rule of thumb: during ANY type of deferment or your grace, subsidized loans have no interest. Otherwise, interest ahoy! Thanks a bunch for answering all these questions, I really appreciate it. It's amazing that the government could potentially be paying the interest on 10k+ in loans for the next five or six years. If my math is correct that could work out to about $3,600 in interest (6% of 10,000=$600 per year X 6 years). I'm gonna hold onto these loans for as long as possible.
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Jul 27, 2007 23:45
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The really cool part is that it doesn't have to be an in school deferment, specifically. This is true for ANY deferment. So if you ever use the unemployment or economic hardship deferment, Uncle Sam takes care of your interest during that time. Neat, huh? Federal loans aren't entirely evil!
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Jul 28, 2007 00:40
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its federal family plus through wells fargo
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Jul 28, 2007 01:28
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angry plant posted:right now im out of school working to pay down a 3k sallie mae and a 40k wells fargo. Is this a PLUS loan in your parent's name or a GradPlus in your name? That makes a TON of difference, deferment-wise.
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Jul 30, 2007 01:00
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If you re-read what I said, "There's a rather big difference between preferred lender lists and recommending lenders." Nowhere did I say preferred lender lists were no longer allowed. In the original reply I took issue with, you made it sound like schools would recommend lenders. Since I got *really* sick of those accusations floating around from members of the media/upset students, I just decided to clarify. It's still a really sensitive area, even though I thankfully no longer work for the finaid office
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Jul 31, 2007 04:16
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Raskolnikov2089 posted:If you re-read what I said, "There's a rather big difference between preferred lender lists and recommending lenders." But they still do...and a lot. People getting sensitive and screaming about it doesn't make it any less true. There are some colleges that are in the process of trying to stop for that very reason, or at least be quieter, but there are tons more that still very much so recommend lenders, including alternative lenders, when a student calls in and asks. You work for one school, and with one state's policies; I work with dozens. What your school/state does is not across the board by any means. If all those people are doing the wrong thing, well then they'll get theirs I'm sure, but there's been nothing about stopping schools from recommending anything (that's what preferred lender lists are, anyway. Recommendations.) I'm not *defending* the practice, I'm just saying that it's still VERY much so done. What state are you in? Some Pennsylvania schools are taking a lot of hits right now, I know. I almost had a mom cuss me out for just this reason, but I calmed her down when I explained that she could still choose any lender she wanted. We were just the *preferred* lender. Edit: Oh man, you're in Austin? Oh man. I'm sorry. I know that y'all have been put through the RINGER about what happened. You have my sympathies (I still keep up with the Daily Texan). How's my alma mater doing?
Wiggy Marie fucked around with this message at 05:21 on Jul 31, 2007 |
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Jul 31, 2007 04:38
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Well fortunately I don't work for UT, though I did about a year ago. Since switched to St.Ed's Financial Aid. Then I moved to admissions about a month ago, much less stress That said, I knew a lot of the people over there, especially the director, so couple that with every other parent I talked to acting like I was some sort of crook everytime I mentioned "loans" and I get overly sensitive about it. But I've only worked financial aid at a few schools, so if it's really that widespread I'm sure it's best that ED is coming down on everyone. **Edit - that said, your job aside, which do you think is better, DIRECT of FFELP?
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Jul 31, 2007 06:05
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It's good and bad. Like I said, I don't think lender lists are going away. It would just be too overwhelming for 90% of the students/parents to try and research this stuff for themselves. The system is, after all, kinda hard to figure out from the outside in. As for your question...that's a good one. Honestly I don't see either as better or worse. Competition is good, because it always leads to someone offering something better than another person. Direct is a mixed bag. They have some awesome policies, and they have some lovely policies. Plus, they're on behalf of the DoE - and "slow" is their middle name. I like the FFELP program because someone's accountable. When you're dealing with Direct, well...you can't really fight them. We deal with them for consolidations and that sort of thing, and when it comes to handling their policies, it's literally a "just throw your hands up and go with it" policy. A bunch of legislation was passed earlier this year that's actually forcing Direct to act more like everybody else, which has been interesting to see how they handle it (hint: not well). But they're friendly folks and I've never had a problem when I've spoken with reps there. That being said, last year I *hated* them. You wouldn't believe the consolidation mess-ups they were responsible for (doubled principal balances, missing loans that went delinquent...ugh). I had one poor woman whose balance tripled after they bought her loans because of mishandled paperwork - one of many. It was horrifying what they'd do. Direct was like a curse word around the office for a good while. Now I like them; they've calmed down and pulled up their britches. Really and honestly, I'm not biased for or against either. If Direct is what's best for the student, then that's the end of the discussion for me. But sometimes, they're just not. A topic I *would* get riled about are GUARANTORS. Some guarantors are awesome and I love them (Texas Guarantee apparently goes to the person's house with guns or something; I dunno what they do, but those people are terrified when we get them back); other guarantors apparently don't even tell the person they're in rehabilitation. It's ridiculous, and ends up making ours jobs harder when we actually have to explain rehabilitation to the borrower a year after the fact (I'M LOOKING AT YOU FLORIDA). Wiggy Marie fucked around with this message at 03:30 on Aug 1, 2007 |
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Aug 1, 2007 03:22
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I was wondering if it's common to use student loans for purchasing other things. I'm thinking about getting $3000-$5000 through a student loan for a car. I'm a student starting my 3rd out of 4.5 years in the fall, have held a "student" credit card for about 1 year (increase to a $1000 last month, woo!) so odds are I have pretty lovely credit but something better than a freshman (I also pay all of the bills for my house under my name, on time every month for the past year). Is this a possibility? I have a coworker who did this with a computer (dropped $3000) and seems a great way to get a really low rate/no rate while I'm young. If I go through with this, I could could I pay it off before I graduate and accrue no interest (if I go the way of the no interest before graduation)?
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Aug 1, 2007 22:13
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OK, this maybe a stupid question, but is there any lending companies that dont base it on credit. I have poo poo for credit, and am looking at about $20k a year for my program. Its aviation so i have plane rental fees adn all that ontop of normal class fees. I have 4k in grants, adn 7500 - 8500 in loans depending on how many credits transfer. Now, i have heard about a Federal Supplemental Loan for Students (SLS), which would give another $4k, but havent been able to find any info on it anywhere. Can you help me??
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Aug 1, 2007 23:48
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Fatal, the proper answer is no, student loans are meant only for personal education-related expense. The honest answer is: I know a girl who used her private education-related loan to pay for her wedding. Just remember that the ONLY no-interest loan is the Subsidized Stafford - which only applies during a deferment or your grace period. ChemE, the Staffords are the only educational loans not based on credit. Sorry hun Also, here's what I found on the SLS program: The interest rate is variable, from 9% to 12%. Graduate, professional, credential, and independent undergraduate students borrow under the SLS loan program. Interest begins to accrue when the loan is disbursed. Repayment begins 60 days after the loan is disbursed. SLS loan maximums are $4,000 for students who have not yet completed the first and second year of their programs. For students who have successfully completed the second year of their programs, the maximum is $5,000. Students must first apply for a regular, or subsidized, Stafford Student Loan and must meet the general eligibility requirements for federal student aid. General info for ya. I'm going to be scarce for the next week or so, guys. Please don't be shy! PM me, leave questions here, what have you. I know I can be painfully slow, but I'll answer everyone's questions as best I can.
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Aug 3, 2007 02:26
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So I got my awards letter back from Art Center College of Design and basically I got the max on just about everything federal loan wise. Including a SEOG and some pell money. The only problem is for 3 semesters of education I need an additional 65k to go there. My mom is per. disabled and only get SS/Disabled money + her credit is terrible. I tried getting a few private loans but of course they we not having it. I'm just trying to figure out what my next step is going to be. Any solutions or thoughts? Thanks
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Aug 6, 2007 02:37
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How much does it cost overall?
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Aug 6, 2007 23:15
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I'm having a bitch of a time convincing my financial aid office to factor in my other necessary educational expenses like rent and books. Am I basically poo poo out of luck with them? If so, what of these "check-to-you" student loans are recommended?
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Aug 6, 2007 23:38
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ishimaru, if you can't get a PLUS loan or private loan there's not really another option to you. Try for as many scholarships and grants as you can, and keep hunting for a private loan that would take you. Quite frankly, that loan will have an unbelievable interest rate. That's the sacrifice you make for a loan you can take out. The only other suggestion I'd have (besides asking someone else to cosign - anyone can be a cosigner) is to try and take out credit cards. I think you can already guess how many ways that would go wrong... Syncopator, apparently the answer is "a lot." wolffenstein, if the school says no there is nothing a lender can do. Private loans will cover your additional costs. Please see above! Also, I don't recommend private loans off the fly; you have to present me with some to look over, and I shall look over for you
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Aug 7, 2007 03:12
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I just got my financial aid info back from my school and I was wondering if you know anything about the minnesota state SELF loan and if it would be better than the federal PLUS loan? I'm taking out the full amount I can get for the subsidised stafford loan but I'm not sure how I should make up the rest of the money I need. This will be for my 4th year but this is my first time getting any loans.
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Aug 7, 2007 07:02
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At what EFC do people stop being eligible for federal loans? Also, why does my school not qualify me for unsubsidized loans? I get the maximum subsidized loan possible then the rest of the loans my school qualifies me for is private. I might just be mistaken and the later is federal as well but on my account history for previous semesters it lists the loan distribution to my account as "AK Sup Ed Loan"(I live in Alaska). It can't be income, my EFC last year was 0. Holbien fucked around with this message at 12:32 on Aug 7, 2007 |
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Aug 7, 2007 12:25
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I currently have 2,650$(subsidized) in student loans out and I am going into my sophomore year of college. Recently I received a notice from some agency or something that said the following: I currently have my classes scheduled (full time) but I have not finalized/payed/taken a loan out yet (going to do this today). The only thing I can see where this may have happened is when I dropped all my scheduled classes to redo them. My Sallie Mae account status says nothing about going into repayment and still says it has its deferred status grave period thingy. Is this something I should worry about or just ignore since I'm taking classes full time? At first it seemed kind of phishy but now it's kind of worrying me. GBK fucked around with this message at 14:18 on Aug 8, 2007 |
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Aug 7, 2007 14:18
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Wiggy Marie posted:wolffenstein, if the school says no there is nothing a lender can do. Private loans will cover your additional costs. Please see above! Also, I don't recommend private loans off the fly; you have to present me with some to look over, and I shall look over for you Astute Student Loans, Astrivte Student Loans, Educated Borrower, and GMAC Bank have almost the same terms and use the same loan application system, which makes me think they're using the same lender. MyRichUncle seemed to be the only other loan of this kind I could find. I sent an application, but I haven't heard back anything in almost a week now.
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Aug 7, 2007 22:11
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I'm going to school full time and I basically need to take out a loan that will help with housing costs, what do you think are the best options available? I'm looking for maybe $8,000 to $10,000 over the course of a year. Are there loans specifically for housing or?
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Aug 9, 2007 19:54
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Ok, I have been talking to Wiggy over PM, but I'll lay it all out for the benefit of myself and maybe others here I am a graduate student at school in California. My major, however, is utterly different from my bachelor;s degree, so I have a LOT of catching up to do. I just hit a 45-unit "cap" that the school is being awful stubborn about. I filed appeals paperwork, but I doubt they'll accept it; I have 24 units of undergraduate pre-requisites and 18 graduate-level units left. The school told me that the GradPlus loan works the same as the other federal loans with them, in that since I have hit the unit cap, I am not eligible for that one either. I'm kind of boned, really. The worst part of the unit cap is this: It's not just classes finished, it's UNITS ATTEMPTED. I dropped out of(withdrew from) 10 units worth of classes.. lo! that counts towards the cap limit. I have put in my appeal, with the utter support of my graduate advisor, but I won't know for 3 weeks what the end result is, though everyone's pretty sure it's denial, as the financial aid office AND the VP of financial aid, or whatever, was pretty rude to my advisor about it. My school SUCKS. So, we are looking at private loans. It's stupid, but about the only choice before going back to work and taking classes at night, which could very well take forever with the remaining courseload I have. What is the dividing line between a 'normal' amount of student loans, and a stupid amount of loans? I don't want to be up to my armpits in stinky debt for the rest of my life.
Cathis fucked around with this message at 23:11 on Aug 11, 2007 |
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Aug 10, 2007 23:42
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I will be turning 24 this year and just got done with my FAFSA as an independent. I am a 4th year senior and was wondering what kind of money is going to be offered my way. Last year as a dependent I got the $5,500 max on a subsidized loan. You said as an independent I will be able to get more money, how much more? Please tell me that after 3 years of being broke and overburdened I might actually get some free grant money out of the government. Like a Pell Grant? Edit: Ohh yeah FAFSA basically spewed out that my EFC was under $600. My Gross income for the year was under $9,000 Jugg fucked around with this message at 09:16 on Aug 11, 2007 |
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Aug 11, 2007 09:09
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^For all I know, you might be eligible for a Pell grant with your income and EFC (you could even get a SEOG), but regardless, as an independent student you are eligible for twice the amount of Stafford loan money as when you were considered a dependent.The United States Department of Education posted:The lower the EFC, the greater the student’s financial need. Thus, the neediest students will have an EFC of 0 and may be eligible for the maximum Pell award of $4050 if their cost of attendance is high enough and if they will be attending full time for a full academic year. As for SEOG, the government gives block grants to schools, and they decide who gets the grants, giving priority to Pell Grant recipients; funds are very limited, however, and the figures quoted above are last year's figures and probably outdated now. Holbien posted:At what EFC do people stop being eligible for federal loans?
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Aug 11, 2007 12:04
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Thank you Syncopator for your help! I'm super sorry for the delay guys (that goes for the PMers too!). Answers are coming tonight when I drop my mom off at the airport. The only thing I'd add to Sync's answer is that some schools process financial aid as a non-need-based institution, which means even though you may be eligible for Unsub/Pell by your numbers, you might not get it. The school literally determines amounts and eligibility, and the Dept. of Ed. doesn't step into this process. Does this suck? Oh yes, very much so. Not all universities do it, luckily, but I've seen kids with a 0 EFC awarded exactly squat.
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Aug 11, 2007 14:59
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Thanks for the information guys this helps a lot.
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Aug 11, 2007 18:07
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Jugg posted:I will be turning 24 this year and just got done with my FAFSA as an independent. I am a 4th year senior and was wondering what kind of money is going to be offered my way. Last year as a dependent I got the $5,500 max on a subsidized loan. For last year, when I only had ~$7,000 (O EFC), I received the full Pell grant, full State grant and full subsidized loans. These are both as Independent. You should be pretty good and if you have a, to the government, high tech degree program the SMART grant helps a lot.
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Aug 11, 2007 18:35
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dxt, I found this neato link through Google: http://www.ohe.state.mn.us/self/self.cfm Pay extra-special close attention to the quarterly interest notices part. That means you have a principal-only deferment on the loan; interest payments are still required every three months. You are required to have a co-signer, and are encouraged to seek other state or federal loans before touching this one (like a PLUS loan). There is also a set limit to how much you can borrow. The interest rate is not fixed. The PLUS loan features a fixed rate. More often than not the PLUS rate starts higher and ends lower than a private loan rate. Holbien, I sorta covered your answer up above, so I'll just repeat what I said earlier. Behold one of the sucky parts of the federal loan program: Some schools process financial aid as a non-need-based institution, which means even though you may be eligible for Unsub/Pell by your numbers, you might not get it. The school literally determines amounts and eligibility, and the Dept. of Ed. doesn't step into this process. Does this suck? Oh yes, very much so. Not all universities do it, luckily, but I've seen kids with a 0 EFC awarded exactly squat. GBK, sometimes there's a delay in between sessions when a student isn't actually physically attending classes, and because of this the lender sends something showing they're about to go into repayment. The only thing I'd suggest is to call each and every one of your servicing agents (if you have more than one) to make sure your loans are fine, then get a copy of the In School Deferment request form, get it filled out, and personally mail/fax it to each servicing agent. That way you've done everything you could possibly do, and no one can show you as delinquent. Buaha! In your face, servicer! Also, if you have nothing with SAC, you can assume that's a mighty fancy consolidations mailer. wolffenstein, anything yet? Since the others are so similar, it's really just dependant on your personal preference. Quite honestly all private loans are horrible, it's just that some are less horrible than others. xsuperxzerox, I dunno. What level are you? Have you heard from your school about the federal loans? Have you looked into any particular private loans? Remember guys, don't ask me who I think is best. I don't have a list of private loans in a naughty and nice pile; I don't work with them. Really all that I do is look over their terms and conditions on your behalf, and let you make the call. In regards to a federal loan lender, I obviously think my own company is the best. Don't ask me this question!!! I am biased!!! Give me lenders and I will break them down. Also remember to READ THE THREAD. There are a ton of links in here that will help you. Like, say, http://www.simpletuition.com mentioned no more than two pages ago! C'mon guys, stop asking me the same things over and over! Cathis, thanks for sharing! I'm sure someone else will benefit. I honestly still believe the school is being unreasonable, but what do I know? Stupid schools. I'd put the omg-faking-my-death divider at $60000.00. Sound high? It is. But it's also manageable...depending on the job you land, of course. Above that mark is where you generally have doctors, nurses, lawyers, and people who refuse to go to a cheaper school. Jugg, please see Syncopator's and RusteJuxx's responses. I couldn't say it any better, and in fact I probably wouldn't say it any better. I work on behalf of a lender. When kids ask me questions like that, I send them straight back to their financial aid office. Why? Because we have nothing whatsoever to do with processing the FAFSA, generating the EFC, and determining the amount and eligibility of a loan for a student. Nothing. So Sync gave ya way more than I could, because I don't know the first thing about processing that there FAFSA form.
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Aug 11, 2007 22:08
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nevermind, ignore
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Aug 11, 2007 22:25
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rather than make wiggy do all the work on my pathetic rear end, if anyone else can help me figure out what the hell I am supposed to be doing I would be very grateful. (sorry wiggy for the long and as I am slowly finding, very confused PM. help is still appreciated!) I got into a first tier law school and the fin-aid person sent out the financial packets about a week and a half ago and then promptly went on vacation until the start of school. There is only one fin-aid person at my school too. Anyway, I have been fortunate enough to have never had to do an edu loan before and I can not figure out what I am supposed to actually be doing and with whom. The fin-aid person is supposed to be back for orientation, but by that time I will be stuck going with their 'preferred' lender who shows up at the school. Which I am rather hesitant about considering how the school operates I am guessing that lender gives the largest kickback to the school, and I really don't want to go over 100K into debt with a crappy lender. I'm going to stick with tuition for the start. I need to find 36K in tuition loans (per yr). Looking at the simple tuition site it says I can only get $8500 in subsidized stafford loans. Is that set in stone? Is there anyway to get more in subsidized? Assuming for the moment I can't get more subsidized, that would mean I can pick up 12K more in unsubsidized stafford loans to total $20500. (the apparent maximum stafford loans I can get... is there any way to get more?) Where should I be looking to get the other $15500? Grad Plus? Dumb question now... I see different interest rates etc for the different lenders... I thought this was a govt loan, so why are they different rates? The loans are through the govt not these companies who manage them. Or so I thought. If I do need living expenses beyond these loans, what are my options? Is this where I go to the dreaded private lenders? Also the law school seems to be really really pushing one lender. http://www.accessgroup.org/ Anyone have any experience either way with these people? Snowlock fucked around with this message at 23:55 on Aug 11, 2007 |
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Aug 11, 2007 23:38
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This is the PM I sent to Cathis, but for everyone else's benefit I'm putting it here, too: "This is making my brain hurt. Everything I was taught about the GradPlus indicates that it is available to go ABOVE the aggregate limit for a student; that's why it EXISTS. Here, look: http://studentaid.ed.gov/students/attachments/funding/PlusLoansQA.pdf Print this up. Highlight #11. It EXPLICITELY STATES that these loans have NOTHING to do with a student's aggregate limit. Also, here: http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp Tell them to go here for the info, if they don't believe that the PLUS and GradPlus are grouped together and are NOT subject to the same guidelines!!! This is through the Department of Education's site directly; tell them that if they want to continue arguing this, you will be more than happy to contact the Dept. of Ed. yourself to clarify the matter. And I will give you the phone number if it comes to that. I'll be DAMNED if a school straight-out LIES." Snowlock, that is in fact the aggregate limits, and no, you can't have more in sub/unsub loans. By chance did you read the OP? If so, was any of that information unclear? Let me know what, and I'll change it. Your next option is the GradPlus. And if your school tries to say no, blah blah agg limits blah, read the above I sent to Cathis and know your path. Other PMs are being worked on guys, I swear!
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Aug 12, 2007 02:08
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The Stafford loan caps are set by Federal law. As for GradPLUS: The U.S. Department of Education posted:Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the FFEL and Direct Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program and 7.9 percent in the Direct Loan program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan. If your living expenses exceed these loans (that is, exceed the "total cost of attendance"), you will need to seek out private lenders:( Also, if you're a really good law student with an established conservative track record (like in the law reviews and other publications), there are plenty of organizations waiting to give you lots of money (fellowships), like the Federalist Society and the Heritage Foundation, so that you will join the forces of
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Aug 12, 2007 02:22
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Syncopator posted:
Where do you get this, specifically? It states that you must have applied for your maximum annual limit before going to the PLUS/GradPlus. It doesn't say anything about limiting you to the agg limit? In fact, it states that you must have maxed these out (per the school's eligibility standards - you have to have been told by the school that you cannot receive any more funding, regardless of whether you hit the actual aggregate limit) before even applying for a PLUS/GradPlus. We certify these loans ALL the time for students in Cathis' situation. What I don't get is why this school is stating they can't. Did you read a sentence that I missed that says these loans are limited to the Stafford aggregate limit? That makes no sense whatsoever. Let's say a grad student maxes out on their Stafford funding, but school is much higher, and their cost of living jacks up their additional costs to 20000.00. Can they apply for this amount? Yes, absolutely, they do it ALL the time. That's what the GradPlus is FOR. Even beyond to total aggregate limit for one student to take out. I'm saying this from personal experience. We can and we do certify GradPlus loans above the aggregate limit. The whole point of the loan is to eliminate the need for a private lender. The PLUS loan regulations are considered the same as the GradPlus, and therefore the Dept. of Ed. hasn't even bothered to make a separate Master Promissory Note for the two types.
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Aug 12, 2007 02:33
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I wanted to clarify Cathis' situation, since I can't read and misunderstood what she was saying. This is something that the lender unfortunately can do nothing about; it's between student and school. Cathis has maxed out the school credits allowed for her major, therefore the school says they cannot give her more funding. So essentially, she's reached her aggregate credit hours, not her aggregate funding available as a student.
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Aug 12, 2007 16:13
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Is it possible for an oncoming Freshman to receive a loan if no one is willing to cosign? My father has his policy of not cosigning for anything unless he has the money to pay for it and doesn't trust I'll be able to make payments 4 years down the road. Other than the federal route, is their any realistic chance of getting approved for a loan?
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Aug 12, 2007 22:38
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Well, just got my aid package today, I received the full amount of money from the government, $20,500 total in Staffords for this year, $7,800 or so subsidized, and the rest unsubsidized. It's good news, since it covers tuition, books, rent, and car insurance, but not much else like food, health insurance, field trips with the department, etc. So I'm really, really happy about getting the money, but I'll probably have to take a small-ish private loan and/or apply for every grant and scholarship I can get my hands on. I'm meeting with a financial aid counselor on Monday, so we'll see what happens after that! Needless to say, I'm feeling a little less stressed.
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Aug 13, 2007 00:19
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