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The advice that I have seen thus far has all said to max out federal loans before turning to private lenders. I definitely plan on maxing out the allowance for subsidized Stafford loans, but I'm wondering about the benefits of unsubsidized Stafford and GradPlus.

My understanding is that the primary advantage of these loans is the fixed interest rate... is that it though? Given how low LIBOR/Prime rates are, it seems like someone with strong credit and a good cosigner could get much lower rates on private loans (albeit taking a little gamble that LIBOR/Prime will stay relatively low).

Is the preference for unsubsidized Stafford/GradPlus just based on the guaranteed fixed rates, or am I missing some other benefits?

I may be wrong, but I'm fairly sure you can't pay off private loans with loan repayment programs or IBR.

buckilaw wrote:I may be wrong, but I'm fairly sure you can't pay off private loans with loan repayment programs or IBR.

Resurrecting this thread... Anyone have an answer to this? I believe Harvard's LIPP covers private educational loans. If a credit-worthy co-signer is available, is there any reason to go with the 6.8% Stafford as opposed to a 2.5 - 3% variable or ~5-6% fixed Private educational loans?

I understand the Stafford loans have a death/disability protection, but is there any other benefit I'm missing for the Stafford? I'm trying to wrap my head around why so many resources recommend maxing out the federal loans first. Does this advice stand less true if one is in the fortunate position of having a willing co-signer with good credit?

waters wrote:

buckilaw wrote:I may be wrong, but I'm fairly sure you can't pay off private loans with loan repayment programs or IBR.

Resurrecting this thread... Anyone have an answer to this? I believe Harvard's LIPP covers private educational loans. If a credit-worthy co-signer is available, is there any reason to go with the 6.8% Stafford as opposed to a 2.5 - 3% variable or ~5-6% fixed Private educational loans?

I understand the Stafford loans have a death/disability protection, but is there any other benefit I'm missing for the Stafford? I'm trying to wrap my head around why so many resources recommend maxing out the federal loans first. Does this advice stand less true if one is in the fortunate position of having a willing co-signer with good credit?

Why do so many resources say to max out fed loans first? Because so many people cannot afford to do the private loans option, and so many people don't get into Harvard.

If you have Harvard Law (and assuming their LIPP does cover private loans) + option for low interest private loans, then go for it? Call their Fin Aid office first though.

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Are subsidized Stafford loans still a thing for lawl school? I thought Congress killed them off

MyNameIsFlynn! wrote:Are subsidized Stafford loans still a thing for lawl school? I thought Congress killed them off

They did. But note that the OP is from 2 years ago.

Lavitz wrote:

MyNameIsFlynn! wrote:Are subsidized Stafford loans still a thing for lawl school? I thought Congress killed them off

They did. But note that the OP is from 2 years ago.

Sigh... another RC fail. But thanks for the answer.