New Grad Plus Loan program?

Discussion in 'General Distance Learning Discussions' started by iquagmire, Aug 11, 2006.

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  1. iquagmire

    iquagmire Member

    Does anyone have information on this new loan?

    Specifically, if someone has maxed out the 138,500 cap, is this GRAD plus loan in addition to that or is it included in the cap?
     
    iquagmire, Aug 11, 2006
    #1
  2. Jodokk

    Jodokk Member

    Ooo OOo

    Me too. Anyone?
     
    Jodokk, Aug 11, 2006
    #2
  3. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    Whoa! The first step is to admit you have a problem! ;)

    -=Steve=-
     
    SteveFoerster, Aug 13, 2006
    #3
  4. GME

    GME New Member

    From sallie mae:

    <<You may borrow up to the full cost of your education, less other aid received.>>

    http://www.salliemae.com/get_student_loan/find_student_loan/grad/grad_student_loans/grad_plus/

    It's my understanding there are no upper limits.

    The way it works, as I understand it, is they take the -total- cost of a year of school (tuition, books, living expenses, etc.) and subtract any other financial aid (workstudy, scholarships, etc.) and Stafford loans (if you still qualify to take them out) and your 'expected family contribution.' You can borrow the remaining figure.

    You can end up with HUGE debt.

    -- GME
     
    GME, Aug 13, 2006
    #4

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