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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!
 
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quotison
Dec 29, 2005

don't hit your head
I am starting law school in the fall, and was pretty settled on GradPLUS for my expenses not covered by scholarship/stafford loans (about $15000 a year), until I heard about NJCLASS loans for New Jersey residents. There are a few repayment plans, but I'd likely do the one deferring interest and principal while in school. For that, the interest rate would be 6.65% while in school and during the first four years of repayment, then 7.40% after that.

Do the advantages of GradPLUS in terms of consolidating and anything else outweigh the higher interest rate? Since the school I'm going to is a direct lending school, the interest rate is 7.9% for GradPLUS. Or should I go with the NJCLASS loan?

* # ¿ Jun 16, 2007 16:30
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# ¿ May 1, 2024 11:39
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quotison
Dec 29, 2005

don't hit your head

Wiggy Marie posted:

The NJCLASS loan is excellent, and I would highly recommend it, if you are comfortable knowing you can never consolidate it with your federal loans. If you're certain you can handle that payment as well as your federal ones, it really is an awesome loan which features a nifty fixed interest rate which is lower than the GradPlus - and will remain that way.

The only caution I could recommend is reading every inch of the application once it is sent to you, and not being shy to call in and ask any questions you might have about the language. Make sure there's no stipulation that states you can lose that fixed rate if [delinquency/whatever thing] happens.

I suppose I'm not sure if I should be comfortable not being able to consolidate. I don't think I'd mind the administrative hassle of having two bills to pay as long as the total I paid was lower. With the interest rate reductions to consolidation - how likely might it be that the consolidated GradPLUS loan would end up being cheaper than the NJCLASS loan, unconsolidated?

* # ¿ Jun 17, 2007 20:33
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!