Grad School Loans - pros/cons between Federal PLUS loan vs. a private loan?Grad School Loans - Any pros/cons between using the Federal PLUS loan vs. a private loan?
I'll use Stafford for its maximum amount, but then I have to choose between either PLUS or any other private loan.
I'm going to 2 year City Planning masters.
Other Answers:
the only difference between the two is a credit check. Federal plus does not require a credit check Once the money has been disburse, it will accure interest; like a private loan. The loan amount is variable, meaning, it will change each year. A federal plus loan is easlier to deal with or you could choose a private lender that will give you money directly to you. Either way interest will continue to accrue to principle. I hope this is helpful.
federal plus is better. your loans are secured by the govt which protects you from any unfair lending practices. federal loans have a large variety of repayment options. private lenders tend to buy and sell your loan left and right whichcan be very confusing and hard to track. the company that willour plus loan is wtached closely by teh government to make sure they treat you fairly
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