<p>I have never heard of this loan before. Could someone please provide more information about this loan? Your experiences perhaps?</p>
<p>There is "small print" about auto debit, getting the rebate back in checks (I'm sure they'd be small) and that the rebate could be stopped at any time. If it is your best deal, most loans are 8.5%, it sounds fine, but don't expect to save very much, the bank always makes money.
I found the state of New Jersey had a parent loan at 6.75, but only for students from New Jersey or attending a school there. It pays to check around first and then go with your best deal.</p>
<p>So is it good or bad? I'm still confused about that particular loan though. :/</p>
<p>The way I look at it, if you can't find a parent loan under 8.5% and you know things might change as far as the rebate angle, then it's fine. Most banks are the same with interest but others, like Wachovia are trying to get people by offering the "rebate part", but it really is the same as most of the others. Interest is the big thing.
<a href="http://www.wachovia.com/personal/page/0,,325_496_8293,00.html%5B/url%5D">http://www.wachovia.com/personal/page/0,,325_496_8293,00.html</a></p>
<p>In Massachusetts, see the MEFA website. It is a non-profit that offers lower interest loans (as low as 7.25 % on the PLUS with automatic withdrawal, 7.5 % without I believe) to residents of Mass going to college (even if in another state) OR kids from other states going to Mass colleges.</p>