Grad Plus Loans
Hi, I wanted to get some advice from those who have borrowed Grad plus loans before. FAFSA websites say that you can borrow up to the cost of attendance minus loans and scholarships. My issue is that I will be living off campus and I don't understand if these loans will cover my living expenses or just tuition. In undergrad I had the option to maximize my loans and borrow up to my liking (with a limit of course). Does the grad plus loan have a similar feature or are they just going to estimate it for me. I need 55K for school and about 25-30K for living.
Additionally, if I were to try to get private loans how high would my credit need to be. My credit is around 690-710. Would companies even give me a loan of 80K or am I just stuck with fed loans. I have no cosigners btw.
Thanks for the help.
My MBA program breaks down the estimated cost of attendance on the school website (tuition + books + fees + estimated living expenses, etc.) and that was the maximum that I was allowed to borrow with federal loans. Not sure if that’s how it works at all schools, but my maximum was $80 something thousand per year.
Not sure about your questions on private loans as I didn’t go that route.
Great, that's reassuring. I'm guessing the calculation takes into account whether you are in an expensive city or not.
I'm going through the same process you are now, so I can't speak from experience but I can share what I've learned along the way by talking with other students and my school's financial aid office.
You're right, you can borrow up to the cost of attendance that the school sets. Any funds borrowed in excess of tuition and fees will be returned to you in the form of a refund for your personal and living expenses. So yes, you can use the money for off campus rent, food, utility bills, etc.
You can adjust your loan amount from one year to the next. You also have the option of adjusting your federal and/or private loans during the academic year. So if you're worried about borrowing the exact right amount, know that you can change it.
Your school probably has a list of recommended Private Lenders. You can get a good sense of what different institutions offer. Some only offer up to the cost of tuition and some offer up to that cost of attendance.
Private loans: I've read from multiple sources that you need in the mid to high 600s to qualify, and you'll start qualifying for lower rates at around 720. Obviously this varies through different lenders.
I highly recommend talking with your financial aid office too, they were a great resource for me!
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