Do you need a cosigner for Grad Plus loans?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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BarbellDreams
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Do you need a cosigner for Grad Plus loans?

Postby BarbellDreams » Thu Feb 11, 2010 3:55 pm

I know Staffords max out at 20,500 per year. The rest people generally cover with Grad PLUS loans. I know I don't need a cosigner for the Stafford, but do I need one for the PLUS loans?

Also, I already have about 20K of Staffords from Undergrad, will this in any way affect my ability to take out staffords for law school?

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ryguy
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Re: Do you need a cosigner for Grad Plus loans?

Postby ryguy » Thu Feb 11, 2010 4:03 pm

Only if your credit is really really bad.

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im_blue
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Re: Do you need a cosigner for Grad Plus loans?

Postby im_blue » Thu Feb 11, 2010 7:44 pm

ryguy wrote:Only if your credit is really really bad.


Or an international student (not U.S. citizen or permanent resident).

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Doritos
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Re: Do you need a cosigner for Grad Plus loans?

Postby Doritos » Fri Feb 12, 2010 2:47 am

ryguy wrote:Only if your credit is really really bad.



And by bad he means bad. Not the FICO score mind you but i'm talkin' liens, bankruptcy, discharges, and open collections that are over 90 days old.

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BarbellDreams
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Re: Do you need a cosigner for Grad Plus loans?

Postby BarbellDreams » Fri Feb 12, 2010 6:49 pm

SOunds good, how about my second question?

WIll having taken out about 20K is staffords during Undergrad not allow me to take out the 20K per year of staffords in grad school?

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ryguy
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Re: Do you need a cosigner for Grad Plus loans?

Postby ryguy » Fri Feb 12, 2010 7:15 pm

Not at all, those will be for grad school.

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TTTennis
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Re: Do you need a cosigner for Grad Plus loans?

Postby TTTennis » Fri Feb 12, 2010 7:20 pm

http://studentaid.ed.gov/students/attac ... oansQA.pdf

Check this out, it will answer your first question. I am almost positive your UG loans will not affect your ability to take out additional grad loans.

HTH

clint4law
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Re: Do you need a cosigner for Grad Plus loans?

Postby clint4law » Fri Feb 12, 2010 7:22 pm

what are the interest rates on these loans if you have good/excellent credit?

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TTTennis
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Re: Do you need a cosigner for Grad Plus loans?

Postby TTTennis » Fri Feb 12, 2010 7:25 pm

clint4law wrote:what are the interest rates on these loans if you have good/excellent credit?


Almost positive your credit score does not affect your interest rate on federal loans. If you decide to take out private loans, that is a different story. For Grad Plus loans I think the interest rate is somewhere around 8%.

clint4law
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Re: Do you need a cosigner for Grad Plus loans?

Postby clint4law » Fri Feb 12, 2010 9:26 pm

cdd_04 wrote:
clint4law wrote:what are the interest rates on these loans if you have good/excellent credit?


Almost positive your credit score does not affect your interest rate on federal loans. If you decide to take out private loans, that is a different story. For Grad Plus loans I think the interest rate is somewhere around 8%.


where can one get private loans from? what are the most reputable firms?

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TTTennis
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Re: Do you need a cosigner for Grad Plus loans?

Postby TTTennis » Fri Feb 12, 2010 9:29 pm

clint4law wrote:
cdd_04 wrote:
clint4law wrote:what are the interest rates on these loans if you have good/excellent credit?


Almost positive your credit score does not affect your interest rate on federal loans. If you decide to take out private loans, that is a different story. For Grad Plus loans I think the interest rate is somewhere around 8%.


where can one get private loans from? what are the most reputable firms?


I believe most of the major banks provide private student loans. I know Sallie Mae and Wachovia provide private student loans. Google it for a more accurate answer.

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BarbellDreams
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Re: Do you need a cosigner for Grad Plus loans?

Postby BarbellDreams » Sun Feb 14, 2010 8:24 pm

Is there ever a reason to take out a Private loan over a GradPLUS loan?

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TTTennis
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Re: Do you need a cosigner for Grad Plus loans?

Postby TTTennis » Sun Feb 14, 2010 8:32 pm

You can't get a GradPlus loan or your credit is so great that you can get a lower fixed interest rate. Don't see many other advantages.




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