Private vs. PLUS loans, and loans in general - help quickly!!!

Paying for College
1

<p>Okay, i'm trying to understand loans.</p>

<p>I was awarded a Stafford loan, which the government pays interest while i'm in school and it's 6.8%. I have 6 months grace period after graduation. Also I got a Perkins loan, which I have to pay interest for while i'm in school, but it's 5%. I also have 9 months grace period after graduation. Is this correct?</p>

<p>So for the Perkins loan, is there anyway to increase your award? The amount I got was 1500, but I remember reading that you could be awarded up to 4000? Can you request more, or does Fin Aid award these depending on avaliable funds? Also, for the Stafford Loan, do we have to find a lender now? I signed the promissary note for both of these.</p>

<p>Now for the remaining of the costs, i'm debating between a PLUS and a Private loan. The Private seems like the interest rated will be about 8%, and the PLUS about 8.5%. Is this correct? Should I be taking out a Private over a PLUS? Also, when does repayment begin for each? The PLUS said repayment starts 60 days after your final loan dispursement, does that mean after my final freshman loan is dispursed, I start paying, of after my senior year loan is dispursed, then I start paying? Also, when does repayment begin for a private loan?</p>

2

<p>Perkins loans are big time need based. So, you can speak with the head of the Financial Aid department at your University and ask to see if it could be increased, but it may not be at all. I am also under the impression that the Perkins loans are semi through the University itself (but that could only be a Southern thing, for all I know), so you would kinda of really have to speak to someone at your University. I do know that the Perkins loan does have a nine month grace period after you graduate.</p>

<p>The Plus loans are sometimes set up where you have to pay while in school and sometimes not, that is all up to the rules of the lender. And, the interest rates on Plus and Private loans vary according to the lenders dictum as well, alright?:) You have to check out both private and plus loans, like maybe with the head of the Financial Aid department at your University in order to learn about different ones and to see what is out there for you. And, you can also wait and see who shares what with you on this board here:)</p>