GradPlus origination fees.

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LSHPFL10
Posts: 72
Joined: Thu May 28, 2009 10:12 am

GradPlus origination fees.

Postby LSHPFL10 » Thu Mar 25, 2010 12:39 pm

Can someone please educate me on this.

What will I have to pay up front in order to get the appropriate financing (through GradPlus loans) for law school?

Thanks in advance.

LSHPFL10
Posts: 72
Joined: Thu May 28, 2009 10:12 am

Re: GradPlus origination fees.

Postby LSHPFL10 » Thu Mar 25, 2010 12:49 pm

LSHPFL10 wrote:Can someone please educate me on this.

What will I have to pay up front in order to get the appropriate financing (through GradPlus loans) for law school?

Thanks in advance.


Bump. Any help would be appreciated - with seat deposits and apartment security deposits, loan origination fees make this admissions process dangerously expensive for me.

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Bert
Posts: 458
Joined: Mon Mar 22, 2010 12:37 pm

Re: GradPlus origination fees.

Postby Bert » Thu Mar 25, 2010 12:52 pm

I am not sure I understand your question. Are you asking how do the origination fees on GradPLUS loans get paid? If so, assuming all schools are the same, the origination fee is taken off the top before any money goes to your school. So, for example, if you qualified for a 10K GradPLUS loan and the origination fee was 4%, you would borrow $10K but only $9,600.00 would be sent to your law school. The $400 origination fee would be retained by the lender as its origination fee.

Hope this is what you needed.

cavebat2000
Posts: 238
Joined: Fri Jan 15, 2010 12:08 pm

Re: GradPlus origination fees.

Postby cavebat2000 » Thu Mar 25, 2010 12:52 pm

Pretty sure the origination fee is just added to your principle. you don't pay out of pocket.

lawschoolgiant
Posts: 209
Joined: Mon Dec 28, 2009 6:21 pm

Re: GradPlus origination fees.

Postby lawschoolgiant » Thu Mar 25, 2010 12:52 pm

LSHPFL10 wrote:
LSHPFL10 wrote:Can someone please educate me on this.

What will I have to pay up front in order to get the appropriate financing (through GradPlus loans) for law school?

Thanks in advance.


Bump. Any help would be appreciated - with seat deposits and apartment security deposits, loan origination fees make this admissions process dangerously expensive for me.



I do not know what they are but I know they can be included in the loan and will not have to be an upfront cost.

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ryguy
Posts: 328
Joined: Fri Sep 11, 2009 11:13 am

Re: GradPlus origination fees.

Postby ryguy » Thu Mar 25, 2010 1:51 pm

Bert wrote:I am not sure I understand your question. Are you asking how do the origination fees on GradPLUS loans get paid? If so, assuming all schools are the same, the origination fee is taken off the top before any money goes to your school. So, for example, if you qualified for a 10K GradPLUS loan and the origination fee was 4%, you would borrow $10K but only $9,600.00 would be sent to your law school. The $400 origination fee would be retained by the lender as its origination fee.

Hope this is what you needed.

I think that they can be added to the loan, but you would still have to pay the 400.00 shortfall or subtract it from your col. I think....




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