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Graduate Plus Loans

April 22nd, 2006 · No Comments

This is a new loan product that will be available July 1, 2006. Despite the Plus name, the student takes out the loan not the parents. The loan has a fixed 8.5% interest rate and a 3% origination fee. As with the Stafford loans many lenders will have incentives which could lower your interest rate or refund the origination fee. You have to qualify for this loan but they don’t consider your debt-to-income ratio so it should be fairly easy to qualify with ok credit.

You have to take out your maximum Stafford loans before you can take out the Plus loan. You can take out a Plus loan for your cost of attendance(COA) minus your Stafford loan and any other financial aid. Since my COA is about $40,000 a year and I can only take out $18,500 a year in Stafford loans I will still have a substantial amount I can take out as a Plus loan. I hope to receive a Perkins loan though and I will take out less than my COA. I’m trying to keep my debt down as much as possible. The Plus isn’t a great loan but I still think it is better than a private loan.

Whether you are paying off a student Loan or you are facing some degree of Credit Card Debt there are many institutions that can help you reclaim your Financial independence. Whatever kind of Debt Consolidation help you require, you can find help online.

Tags: Frugality

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