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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?

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

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.

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.

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?

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)

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.

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.