accept additional loans to cover summer costs?

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jay115
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accept additional loans to cover summer costs?

Postby jay115 » Wed Jun 23, 2010 11:23 pm

I'm currently deciding on how much GRADplus loans to accept, and I wasn't sure whether to accept a couple thousand more than I anticipate I need for the summer after my 1L year. I don't think my school is ranked high enough for me to guarantee any type of paying legal internship, and the public interest summer scholarship, like most law schools, is limited in awards available. On the other hand, GRADplus loans have absurdly high interest rates, and I might chance only borrowing what I need for the 9 month law school year. Thoughts/experiences?

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pleasetryagain
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Re: accept additional loans to cover summer costs?

Postby pleasetryagain » Wed Jun 23, 2010 11:26 pm

high interest rates and 4% origination fees! usury I say!

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im_blue
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Re: accept additional loans to cover summer costs?

Postby im_blue » Thu Jun 24, 2010 2:57 am

Can't you take out what you need for fall semester, then take out some extra summer money for spring semester? That way you don't pay an extra 4.5 months of interest.

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UFstudent
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Re: accept additional loans to cover summer costs?

Postby UFstudent » Thu Jun 24, 2010 3:08 am

im_blue wrote:Can't you take out what you need for fall semester, then take out some extra summer money for spring semester? That way you don't pay an extra 4.5 months of interest.


good idea. GradPlus accrue interest from day of disbursement. If you can wait to mid spring semester that would be good. Or apply for it and pay it right back if you get a paid position.

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jay115
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Re: accept additional loans to cover summer costs?

Postby jay115 » Thu Jun 24, 2010 3:28 am

UFstudent wrote:
im_blue wrote:Can't you take out what you need for fall semester, then take out some extra summer money for spring semester? That way you don't pay an extra 4.5 months of interest.


good idea. GradPlus accrue interest from day of disbursement. If you can wait to mid spring semester that would be good. Or apply for it and pay it right back if you get a paid position.


are we allowed to access GRADplus loans after we reject them?

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chooch
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Re: accept additional loans to cover summer costs?

Postby chooch » Thu Jun 24, 2010 2:45 pm

im_blue wrote:Can't you take out what you need for fall semester, then take out some extra summer money for spring semester? That way you don't pay an extra 4.5 months of interest.


so, we CAN use gradplus money to cover our summer rent/living expenses? (sorry for slightly hijacking... i'm a bit slow in understanding this)

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jay115
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Re: accept additional loans to cover summer costs?

Postby jay115 » Thu Jun 24, 2010 4:42 pm

dannybang wrote:
im_blue wrote:Can't you take out what you need for fall semester, then take out some extra summer money for spring semester? That way you don't pay an extra 4.5 months of interest.


so, we CAN use gradplus money to cover our summer rent/living expenses? (sorry for slightly hijacking... i'm a bit slow in understanding this)


i dont know. i mean, i figure they're offering us x amount in loans, so how we use that money is up to us as we'll responsible for repaying those loans.

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missvik218
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Re: accept additional loans to cover summer costs?

Postby missvik218 » Thu Jun 24, 2010 4:45 pm

jay115 wrote:are we allowed to access GRADplus loans after we reject them?

Call your schools financial aid office and ask. You don't want to take these now if you don't have to. My school specifically allows you to take what you'll need for the Fall and Spring semester NOW, and then reassess and take more to cover summer costs if needed after the Spring semester and before registering for Summer courses.




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