<p>So… once you write a check (debit) for $800 for the admissions deposit… </p>
<p>what are the next steps? </p>
<p>more importantly what are the next expenses???</p>
<p>at the checkbook level - what happens next?
(will be doing PLUS loan not payment plans)</p>
<p>Same here for the PLUS loan!</p>
<p>I assume you have paid for CI (Orientation). Assuming you’re doing a PLUS loan for the amount left over after FA from the COA - there should not be much left to write out of the checkbook. The PLUS loan is credited to your account automatically each semester along with the FA award. You will actually get a “Refund” once the tution/fees/dorm/meals are paid. Of course this “Refund” is for the remaining COA expenses not directly “billable” e.g. travel, books, etc. </p>
<p>We’ve been through this with our older daughter. The Stafford and Parent PLUS loans can be deferred while the student is in college full-time.</p>
<p>CJ</p>
<p>CJ - thanks so much. </p>
<p>After thinking it over, I’m leaning towards doing an alternative loan rather than a PLUS loan… letting the debt be hers instead of mine. Have you considered both and opted for the PLUS? </p>
<p>Have not paid for orientation yet - or deposit… awaiting final appeal for aid… need to see where things shake out after that.</p>
<p>wow this is intense… this is a lot of money. </p>
<p>may I ask - is your freshman a S or a D?
is your older D at GW too?</p>
<p>1sttimemom - “S” will be a freshman @ GW. “D” is a sophomore @ UNC Chapel Hill. We decided on the PLUS loans mainly because we can defer any payments throughout his 4 yrs, although interest accrues. I believe alternate loans start payments 6 months after dispersal. We will likely use the Federal Direct Loan Consolidation Program when he’s finished GW.</p>
<p>Good luck of the FA appeal!</p>
<p>CJ</p>
<p>Thanks. Maybe my D and your S will be in some classes together. :)</p>
<p>According to what I’ve read so far, alternative loans - Sallie Mae, etc - can also be deferred until after graduation. I remember reading that PLUS loans also begin payment after final dispersal unless there’s a petition or waiver or something like that to defer payments.<br>
Trying to figure out the differences and up-sides/down-sides of doing each - besides the set inerest rate and being in parent’s name - they seem pretty much the same beyond that.</p>
<p>It’s all a lot to keep track of!
:)</p>
<p>1sttimemom - As of this year - ALL PLUS loans are now the Federal Direct Loans. They can be deferred while the student is full-time up to 4 years - this includes deferring any interest payments as well (If you want). The interest rats is fixed @ 7.9%. There is a 3% origination fee that is subtracted from the loan proceeds. There is another 1% fee too, but this can be refunded when you start your payments if you use direct withdrawal from a bank accnt. Also, Federal direct loans (Both Stafford and PLUS) loans can be consolidated once school ends.</p>
<p>The “Alternative” loans such as Sallie Mae Smart Option Student Loan usually have variable and higher interest rates. While the “Principal” can be deferred, your interest payments begin shortly after disbursal. Do some serious research before deciding.</p>
<p>This is fun huh!!!</p>
<p>yes - the sallie mae smart choice does have that caveat, i’ve noticed that. although i plan to be making interest payments along the way, i don’t want it to be a requriement of the loan. sallie mae’s loan is also locked in at a faster repaymnet timeline. </p>
<p>citibank’s “citiassist” loan doesn’t require the interest payments like sallie mae’s does.</p>
<p>my preference is that the loans be under D’s name, which maybe more of a symbolic thing than anything else, but it also leaves my credit available… perhaps to sell the house and buy a condo or maybe to take a 2nd mortgage or some kind of change like in 4-5 years which would leave me with money i can use to pay off a chunk of her loans… hopefully. who knows what will be happening then.</p>
<p>i sure like the fixed rate of the PLUS loan. AND the seemlessness of it - being an in-house loan that is automatic. feels like there would be less hassle or wait time or risk of the money not being there when it’s supposed to be - that kind of thing worries me. </p>
<p>i like the consolodation piece too, but i assume that’s available with all loans. will look into that.</p>