<p>I heard about this guy who got no aid from UT and called to complain that he couldn't afford the school with more aid. I'm wondering if this is true? Can someone ask for more aid at UT or has anyone tried this before? Also the fed. parent loans interest rate is 8.9% which is really high in my opinion. My mother thinks she might be able to find better interest rates from a bank or private loan and we're thinking about completely rejecting my finaid package from UT which is just a bunch of loans. Any parents want to weigh in about loans and whether the parent loans are beneficial?</p>
<p>The advantage (for parents) of the Stafford loans is that they are in the student's name and do not require good credit. Stafford loans have annual limits based on the student's classification. Repayment is deferred until 6 months after the student leaves school.
The Parent PLUS loans (8.5%) are in the parents' names and require good credit. Most PLUS lenders start repayments 6 months after the 1st disbursement.<br>
If you are a Texas resident, you can also get a College Access Loan through the Texas Higher Education Board at hhloans.com. The 0809 fixed rate is 6%. The loans are in the students' names with credit-worthy co-signers. Repayment is deferred until 6 months after the student leaves school.
Parent PLUS and CAL loans do not have preset limits, other than the COA.</p>
<p>I have:
Federal Parent Loan for Undergrads
Federal Unsubsidized Stafford Loan</p>