Ok, I need funding for grad school. I need around 30-40k, and am looking at options.
Obviously, there is the private loans with banks, that I can always turn to, around 6-8% interest.
However, what about reaching out to older Fuqua alumni and trying to find someone as an "angel investor" who would lend me at better rates?
I am looking for suggestions or ideas here, how to best borrow this amount of sum.
THANK YOU
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Why would they lend to you at a better rate? Better yet, why would they want to lend you money at all? Take your 6-8% and be happy.
That is a silly idea. Why would an "angel investor" loan you money at less than 6%?
Think about it, typical repayment plans for these loans are 10 years. So first, they are out potential gains over those 10 years. Add to that the risk that you default and it is a no brainer.
If you wanna give me a secured loan for 10% of your lifetime earnings, i will fund you.
It never hurts to try and get a better deal, but 6% for a few years isn't THAT bad.....
Which bank is offering you 6% rate? The government subsidized rate is 6.8% and the government unsubsidized PLUS rate is 8%. The private banks are offering rates between 9% and 12% depending on credit history.
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