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| Student loan advice Posted by barry About to have to take out some student loans for my MBA. Any advice? Company recommends? I just learned that the gov. stop doing subsidized loans for grad students this year. Fantastic.  on 5/3 at 11:49 amI have 6 semesters of class so I'm guessing I'd just take a loan out for the amount at the start of every semester? Reply • Back to Top |
| Greenhead just made a thread about this a few days ago. Reply • Back to Top |
quote: As I recall you do it at the beginning of the year. You'll get one deposit a week or so into your first semester and the second one in January. I don't know how this shite works any more since I graduated in May of last year. Reply • Back to Top |
| I didn't even know the rates were raised from 3.4 to 6.8 till you mentioned something and i started googling flask. All i saw on the UT website was that it was no longer available to grad students. I guess ill just have to wait for them to finish fighting. Reply • Back to Top |
| I took out subsidized and unsubsidized Stafford loans for grad school just two years ago, and it wasn't 3.4. Something like 6.0% and 6.8%. Reply • Back to Top |
quote: Don't hold me to this, but I think the 3.4% rate lasted all of one year and of course it wasn't a year I was attending school. 6.8% for me. Reply • Back to Top |
quote:I feel the pain. I'm stuck at 6.8%,6.0%, and a random 4.__% loan. I just hate it that a pay back more than the minimum each time, yet I have to pay this crappy interest rate. I wish there was a way to lower interest rates predicated on "over-the-minimum" payments and history of repayments. I appreciate the loans I received to get myself a Bachelors and Master's degree, and I am more than willing to pay back in full + %interest for risk, but I do not believe I am as much a risk anymore and should have a lower interest rate.  Reply • Back to Top |
quote:. Very understandable Reply • Back to Top |
| Work fulltime get the MBA part time at night. Find an employer willing to help pay the tab, even the military. NO Debt should be your 1st Goal. Reply • Back to Top |
| Maybe I'm confused, but don't you pay interest on the balance. So when you pay more, you are paying on the interest accrued that period and the balance. Therefore, the next payment will have less accrued interest because you paid over the minimum. Theoretically you could just pay it off right away without the interest, right? I should know this since I have one. I pay the minimum, and throw random chunks at it when I can. Reply • Back to Top |
quote: I am quote: Uh frick that. Its hard to find an employer to drop 90k on your education quote: My MBA will help with that. I'm not worried about paying it off or finding a good job. Reply • Back to Top |
quote: Do an unsubsidized loan. DO NOT go with a private bank unless you have no other options and your cost of attendance exceeds the maximum federal loan. Reply • Back to Top |
| No, you have it right. Your interest is calculated off balance since last payment. Any payments you pay go toward interest first. So when you have 4 different medium size loans like me, while you are hammering the one with the highest interest rates an biggest balance, the other three are earning some serious interest. Then you end up paying $200 toward those other three loans, just to find out you paid $195 in interest and $5 towards principle. From there it starts all over again. It sucks, but it is worth it. Just wish they could make it a little easier for those who have been out of college for a few years and holding a steady job. Reply • Back to Top |
| If you are working full time (which IMO is manageable, but sucks, I was in full time in both) during B school I would contemplate getting a private loan. I talked to Chase Student Loans and got a pre lim quotes for what seemed to be A reasonable 4.6%. Definitely helps if you have good credit. The inherent huge risk in doing so is that private loans are floating rate. If you can work full time and knock a huge portion of the loan before interest rates rise, I think you will come out ahead of the 6.8 federal direct. obvious gamble, but maybe worth it if you will be getting decent income and a Non ivy price tag MBA. It's shite that they did away with the subsidized. Those shite head wall street protesters didn't help with 250k liberal arts degrees Reply • Back to Top |
quote: What are the specifics on this? I am starting a masters program this summer and was just approved for the maximum subsidized amount ($8500) for the year, so I know it is still going on. Reply • Back to Top |
quote: You have to be starting classes by july x. So you just made the deadline. Reply • Back to Top • Refresh |
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