Student loans Forum

[chocho]

So, real fast, if I have undergrad debt with a higher interest rate than my law school debt would be, would it make sense to take out the max for law school (full ride so that is only about 20k) and take the extra money to repay my undergrad debt?

[jaydizzle]

Hmm good question. I think I may do this.

[chocho]

Anyone have a legitimate reason why one shouldnt do this?

[thechee]

I did something similar a couple of years ago. My wife was offered really low interest grad school loans, so we took out the max amount and paid off a bunch of our undergrad loans. Never had any problems. They offer you the loans to cover your basic expenses. Rapidly accruing student loan interest is definitely a basic expense.

[blurbz]

I think it is illegal/not allowed by the terms of gradplus/stafford loans. I'm not absolutely positive, though, but I'd look into it if I were you.

Edit: thechee is probably right on this. I'd take his experience over my conjecture any day.

[swc65]

Why are your UG interest rates higher? Are they private loans?

If you're paying off private UG loans with gubment Law Loans, I think that would be a great idea.

[chocho]

Why are your UG interest rates higher? Are they private loans?

If you're paying off private UG loans with gubment Law Loans, I think that would be a great idea.

government loans (stafford ones at least) change depending on when you take them, so I have 3 loans remaining from undergrad, soph jr and sr years, and they are three different rates, even though they are all fixed.

[JJWAL]

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