<p>This is all so new to me (I didn’t go to college) and I want to make sure that I’m getting as much done for my son as I can.
He’s going to Georgia Tech; they have offered him some money in subsidized and unsubsidized loans. Do those loans come directly from GT or do I need to go to a lender?</p>
<p>And there will be a gap between what they offer and the COA so I will have to look at Parent Plus loans and/or Private loans. Does anyone know what the going rates for private student loans are? Does the school have to recommend a lender or can I go to any lender? Does anyone have any lenders they recommend?</p>
<p>I’m sure I’ll have many more questions…but this is a good start.</p>
<p>The only thing which is further required for the subsidized and unsubsidized loans (Stafford loans and Perkins) is for your student to complete the Master Promissory Note (MPN). Check the paperwork that the college has sent, or it may be an online form.</p>
<p>As for the PLUS or private loans, I recommend to all my clients to check out some form of home equity financing first. This will likely have the best interest rates and tax deductibility. You can check out bankrate.com for current interest rates on private student loans. I believe the current PLUS loan rate is 8.5%.</p>
<p>I can’t say we have any recommendations of specific lenders as being any better than others. SallieMae however is the largest provider out of private student loans.</p>
<p>It looks like they participate in the FFEL program, so you will need to select a lender. This may be the only time you’ll need to do this as Pres. Obama is looking to end the FFEL program and all schools would then be direct lenders. The school’s website has a very good info page on student and plus loans here:
[Georgia</a> Institute of Technology :: Financial Aid :: Federal Stafford Loan](<a href=“Blow the Whistle! (404 error: page not found) | Financial Aid”>Blow the Whistle! (404 error: page not found) | Financial Aid)</p>
<p>There is alot of additional info here, including charts comparing Plus lenders (verify for accuracy with the companies too though!) and you should see a link for Discover, one choice for loans, at the top of the first page:</p>
<p>[FinAid</a> | Loans | Student Loans](<a href=“http://www.finaid.org/loans/studentloan.phtml]FinAid”>http://www.finaid.org/loans/studentloan.phtml)</p>
<p>Plus loan info here:</p>
<p>[FinAid</a> | Loans | Parent Loans](<a href=“http://www.finaid.org/loans/parentloan.phtml]FinAid”>http://www.finaid.org/loans/parentloan.phtml)</p>
<p>Fwiw, SallieMae has one of the worst reputations as a lender here - both among students and FA pros. I don’t have any direct experience, but Discover is often recommended as a good choice. I believe they waive the origination fees and, being Discover, have some cashback bonus type deal at graduation. Worth looking into - you might pm sueinphilly for her opinion as she’s used them before.</p>
<p>Can’t say I’ve ever heard many kudos for SallieMae’s customer service. Their 800# queues can be unnerving.</p>
<p>THanks for the info and advice!!!
: )</p>
<p>[Discover</a> Student Loans - Federal Stafford Loans for College Students](<a href=“Student Loans for College & Graduate School | Discover”>Discover Student Loans) DOES waive fees for stafford loans and offers a tiny .25% discount on the rate if payments are set up for automatic debit from a bank account</p>
<p>and the few times I’ve called them, they have been very customer friendly. I am not making payments on any loan because all my son’s stafford loans are subsidized. You MAY have to give your school a separate form stating who the guarantor is, Great lakes and the code is 755, Discover’s lender code is 831312</p>