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Message
Where should I apply for Student Loans for my MBA? Need help...
Posted on 12/22/15 at 10:16 am
Posted on 12/22/15 at 10:16 am
I have never done student loans before and I need to get this done ASAP.
Questions:
Where should I look to get the best rates? (is the federal government a good option?)
How easy is this process?
Is the interest put on hold until after graduation or does it start to accrue immediately?
FWIW, I will be about 14k in debt after my company helps reimburse me.
Questions:
Where should I look to get the best rates? (is the federal government a good option?)
How easy is this process?
Is the interest put on hold until after graduation or does it start to accrue immediately?
FWIW, I will be about 14k in debt after my company helps reimburse me.
5
Posted on 12/22/15 at 10:23 am to TheCaterpillar
Not sure about the other questions, but yes, interest will begin to accrue immediately.
Posted on 12/22/15 at 10:46 am to TheCaterpillar
Are you ineligible for merit aid because your company is paying for most of it? There's more merit aid than you would think.
Interest isn't put on hold after graduation.
Interest isn't put on hold after graduation.
Posted on 12/22/15 at 10:50 am to TheCaterpillar
I'd simply contact the financial aid division of the university and let them talk you through the process. Our youngest does this for a living with Liberty University and was very helpful to us as we worked our way through the maze of options (public versus private)
Posted on 12/22/15 at 10:52 am to TheCaterpillar
quote:
Where should I look to get the best rates? (is the federal government a good option?)
By the end of grad school, the feds were the only ones offering loans. I'm not sure to what degree that has changed, but most of the fed loans will have rates >6%. If you can find a private lender with better terms, go for it, but I don't know where to look. To apply for Fed loans, start here, start a new application, and see what they offer you.
quote:
How easy is this process?
Painful with the first loan (sometimes), much easier each subsequent semester.
quote:
Is the interest put on hold until after graduation or does it start to accrue immediately?
Immediately, and any payments you make towards it can be applied on your taxes. You will get notifications saying you owe interest, and you will be required to pay it unless you request forbearance b/c you're currently attending school. If you can afford it, pay the interest as you go.
Posted on 12/22/15 at 10:53 am to wfallstiger
quote:
I'd simply contact the financial aid division of the university and let them talk you through the process. Our youngest does this for a living with Liberty University and was very helpful to us as we worked our way through the maze of options (public versus private)
I did this and they said due to the amount of loan it might be best to do private. I just applied with Wells Fargo and if they don't give me the rates I want, I'll try SoFi's partner "CampusDoor"
A colleague told me that Discover actually got him a great rate. Not sure if I trust that company though.
Posted on 12/22/15 at 11:21 am to TheCaterpillar
One holder was AES. The other was Navient. Both are now a MEMORY...YAY
Posted on 12/22/15 at 12:24 pm to TheCaterpillar
Nelnet
Posted on 12/22/15 at 1:29 pm to TheCaterpillar
Do you know exactly how much more money you will make with an MBA? Granted my wife's loans were exacerbated by the fact that she went straight from undergrad to grad school. So she had interest rolling the whole time and had no experience to back up her MBA after graduation. 100k in debt (~60 of it from post undergrad, both interest and additional loans), and making $37k at her first job 
. We are now getting close to reaching the 200k mark as a couple and it's still painful to write the check for those loans.
I know it's a horse that's been beaten to death and you've heard it all before, but frick my life having to pay that shite. Literally takes away a $8k-$10k vacation that we could take every year. Instead, that money goes to loans.
ETA: I realize this is not what you asked for and sorry to hijack. I just have a personal mission to make sure everyone understands what they are doing when they borrow money. Specifically for an MBA.
. We are now getting close to reaching the 200k mark as a couple and it's still painful to write the check for those loans. I know it's a horse that's been beaten to death and you've heard it all before, but frick my life having to pay that shite. Literally takes away a $8k-$10k vacation that we could take every year. Instead, that money goes to loans.
ETA: I realize this is not what you asked for and sorry to hijack. I just have a personal mission to make sure everyone understands what they are doing when they borrow money. Specifically for an MBA.
This post was edited on 12/22/15 at 1:55 pm
Posted on 12/23/15 at 9:02 am to KG6
quote:
ETA: I realize this is not what you asked for and sorry to hijack. I just have a personal mission to make sure everyone understands what they are doing when they borrow money. Specifically for an MBA.
Dont worry, at least you have not beaten the horse as much as I have.
Im worried about my student loans as well, since I have 60K in loan debt by May 2016.
Posted on 12/23/15 at 9:30 am to TheCaterpillar
Check out Chase private student loans. They have a special category for Graduate programs. I used them for a portion of undergrad costs.
LINK
LINK
Posted on 12/23/15 at 9:39 am to KG6
It's never a bad thing to invest in one's education. You may be spending $8-10k more on student loans per year, but the benefit she receives from having an MBA is probably greater than that, even if its not evidently clear or the benefit is not yet realized.
Posted on 12/23/15 at 2:08 pm to volod
quote:
Im worried about my student loans as well, since I have 60K in loan debt by May 2016.
I'm surprised you had to pay for graduate school in engineering. The basic sciences generally give stipends and tuition waivers, but that's probably just PhD programs
Posted on 12/23/15 at 11:56 pm to The Easter Bunny
quote:
I'm surprised you had to pay for graduate school in engineering. The basic sciences generally give stipends and tuition waivers, but that's probably just PhD programs
Mostly, tuition is waived for PhD candidates. It's not that you can't keep a waiver for MS, but it is more rare than people realize. Factor in the financial ability of the institution (mostly department) and the standard of your research.
Companies CAN pay for MS, but those cases are based on if you already proved to be an asset
Posted on 12/24/15 at 9:21 am to TheCaterpillar
I found out a few of my MBA classmates had discover loans, and got great rates, why would you not trust Discover?
You won't have much in loans so it shouldn't matter much. I had 750 + score and the wife 800+ and private loans from traditional sources were still not competitive with fed loans. I had 92k in loans, I just went fed then refi'd with Sofi after graduation( for super low rates). Sucks that govt doesn't subsidize interest payments for grad school loans anymore though.
Only have 13k left in loans though 1.5 years after graduating
, but I worked for 7 6 years before going to grad school, so I actually got a good job after graduating 
You won't have much in loans so it shouldn't matter much. I had 750 + score and the wife 800+ and private loans from traditional sources were still not competitive with fed loans. I had 92k in loans, I just went fed then refi'd with Sofi after graduation( for super low rates). Sucks that govt doesn't subsidize interest payments for grad school loans anymore though.
Only have 13k left in loans though 1.5 years after graduating
, but I worked for 7 6 years before going to grad school, so I actually got a good job after graduating Posted on 12/24/15 at 9:27 am to KG6
quote:
Do you know exactly how much more money you will make with an MBA? Granted my wife's loans were exacerbated by the fact that she went straight from undergrad to grad school. So she had interest rolling the whole time and had no experience to back up her MBA after graduation. 100k in debt (~60 of it from post undergrad, both interest and additional loans), and making $37k at her first job . We are now getting close to reaching the 200k mark as a couple and it's still painful to write the check for those loans.
That sucks, I graduated in engineering and I had an uncle who was an engineer who convinced me to go work for at least 5 years before getting my MBA. I owe him big time.
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