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Originally Posted by fenderstratmd
How does applying for Grad PLUS loans work? I've received an email from the financial aid office with a list of 3 steps. I've done the first 2 already, but choosing a lender part is confusing me. Cost of attendance? According to my financial aid award it is 71010, but my finaid counselor says that it is only 39500?? Also which lender did everyone choose for Grad PLUS? Of the two recommended Sallie Mae and Wachovia, it seems to me that Wachovia offers the lower interest rate and would be the better of the two lenders. And one more question while I'm at it... How many times are we supposed to apply for these loans (Stafford and Grad PLUS)? The 2007/ 08 school year is three semesters, but Stafford and Grad PLUS only cover two semesters at a time?? Any help is much appreciated!
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Your award letter is for all three semester. Your total loans with Stafford and GradPlus is $71010. Out of that only Stafford Loans are considered Financial Aid as it is used only to pay tution and fees. Stafford loan money can not be used for expenses other than tution and fees.
GradPlus is used to pay any balance of tution and fees and other expenses - in other words it is your money same as PLUS Loans in the undergrad year your parents will have taken out to pay remaining of your expense.
I don't think that you have to apply for FAFSA two time any more - one for Fall and Spring and one for Summer.
Ross sends the loan confirmation for all three semester to the lender. Lender may required you to apply two times - one for Fall and Spring and second time for Summer. But you can submit both applications same time - I know that is true for Student Loan Xpress.
Some lenders like Student Loan Xpress will want you to submit total 9 Promissory notes - 3 each for Stafford Subsidized, Stafford Unsubsidized and GradPlus - one for each semester.