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I need a PLUS loan for living expenses, and I was expecting to go with Citi. However, they say the interest rate is over 11%. Is this normal, and if not, is there someone else I should sign up with?

hanshi wrote:I need a PLUS loan for living expenses, and I was expecting to go with Citi. However, they say the interest rate is over 11%. Is this normal, and if not, is there someone else I should sign up with?

Does your GradPLUS loan not cover this?

If you have to get a private loan, I suggest applying to several different companies to see who will give you the best rate. I'd try out Discover & Chase myself.

If you want more details on loans and how to evaluate them I wrote a guide on both Federal & Private Loans:
http://www.top-law-schools.com/forums/v ... 2&t=124530

Check with Discover.

Citi PLUS isn't GradPlus. Banks no longer lend federal loans. Your school does this directly and the federal government originates. If you take a private loan, it is ineligible for IBR and many LRAPs.

blowhard wrote:Citi PLUS isn't GradPlus. Banks no longer lend federal loans. Your school does this directly and the federal government originates. If you take a private loan, it is ineligible for IBR and many LRAPs.

This. PLUS loans now directly originate from schools, no more third-party lenders.

Also, GradPLUS is locked at 7.9% by law.

Anyways check with your school about how much you can borrow for GradPLUS... usually you can borrow more than enough federal loans to cover cost of living.

If you've already maxed it out, then apply for several private loans. Get a cosigner and you definitely can get rates much lower then 10%.

Where do I sign up for the GradPLUS loans at?

hanshi wrote:Where do I sign up for the GradPLUS loans at?

Your schools financial aid office.

PoliticalJunkie wrote:http://studentaid.ed.gov/PORTALSWebApp/ ... udents.jsp

From that site:
Your school's financial aid office can provide instructions on how to apply for a PLUS Loan and may offer the option of completing the PLUS application and MPN online at http://www.studentloans.gov.

Not all schools use that site's application though so check their instructions.

Thanks everyone. This board always saves my ass from doing something stupid.