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!

You apply for the loans TWICE. Once for the first 2 semesters and the 2nd time is for the 3rd semester ONLY. The following year you do the same thing. As for the lender, I know of people who had problems getting their disbursment check on time with Wachovia and with Sallie Mae, as long as you apply on time it is there on time. I went with Sallie Mae and haven't had any problems. I also applied late my first time and the check was only 2 weeks late getting here. Can someone share their experience with Wachovia?

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AUA & Ross Forum Moderator

In 2006-07 (August Semester) Wachovia was not on the Ross' list. They had Sallie-Mae and Student Loan Xpres.

I will advise not to go with Student Loan Xpress. They underwrite the loan but after that they transfer it to the Great Lakes - that is once they receive your aplication they transfer it to the Great Lakes. Student Loan Xpress will not even answer or help you from that point on. They will ask you to call Great Lakes for any questions.

Great Lakes is very difficult to work with. They will ask you to fill out and submit separate promissory notes for each semester. They have lost the paper work and you can't talk to same person. Every time you call you get different person and they give you totally conflicting information and direction.

Most of those who dealt with Student Loan Xpress/Great Lakes got their Grad Plus and Stafford Loan disbursement delayed in Aug. 2006 term.

Thank you docdad for that correction! Either way, Sallie Mae may be a little bit more, but they are much easier to deal with! They even have info sent to your e-mail once a month including info on financial planning in general and how to consolidate your loans after you're done!

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AUA & Ross Forum Moderator

How long does it usually take for your loan to be disbursed? Is it after school starts? Thanks!

As long as you applied on time, you get your disbursement check when you register.

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AUA & Ross Forum Moderator

Thanks islandthrift and docdad! So Sallie Mae is a reliable lender; does anyone have comments on their experience with Wachovia as a lender?

I wrangled a quarter percent lower interest rate from Wachovia, confirmed everything from my end, registered for first semester only to discover that my check had to be a paper check and that for some reason it hadn't arrived, yet. I was given an advance check for US$2K with which I bought books, food, rent, etc. The Registrar's office kept advising me that my check would arrive in a week or two. I was keeping a running log of who I spoke with in Ross Dominica, Ross New Jersey, and Wachovia. The log ran to three pages before I received the remainder of my check on the tenth week of classes. The semester is fifteen weeks long.

I recommend going with AMS/SallieMae and anyone else who can have their funds EFTed to Ross and will give you the lowest interest rate. My experience was NOT the norm. It was an anomaly, and I endured; But, there are bound to be many painful and awkward anomalies when pursuing a goal this large.

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So get on with it!
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- Johann Wolfgang von Goethe, Faust I, Zeilen 224-230

If I am correct, beginning with Sept. 2007 term you will no longer receive your Financial Aid Award Letter by mail.

Therefore, all current Ross Students and (most likely) those starting in Sept. 2007, please check your "MyRoss" Account under Financial Aid TAB.

Your Financial Aid Award is already posted on your "MyRoss" account under Financial Aid.

You must go in your account and accept the award for loan process to start. Longer you delay it, more delay you will encounter getting your Stafford and GradPlus Loans on time.

Delay in GradPlus will create lot of hardship as that money you will need to pay your rent, food and other expenses.

This is not new. Majority of US Universities have started same process for last 2 - 3 years. They post all award letters and tution bills only on students university account. They no longer send any Financial Aid Award Letter or Tution Bills by mail, and they also don't remind students to check their University acccounts.

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.