XPost: soc.college.financial-aid, soc.college.admissions   
   From: coverlandNOSPAM914@yahoo.com   
      
   Hey Steven, was just at the AAA site again, called them and ultimately   
   referred to Bank of America.  AAA and BofA indicated that they do not   
   DO parent plus loans.  The line of credit on their site appears to be   
   a fairly generic line of credit offer and when I asked about the two   
   year interest only, I may as well have been speaking a foreign   
   language.  Any other recommended sources for a parent plus w/interest   
   only?   
      
   Chris   
      
   On Mon, 23 Jul 2007 17:40:40 -0400, Steve Blank   
    wrote:   
      
   >A PLUS loan inevitably costs far less than an alternative student loan,   
   >which usually does require a co-signer.   
   >   
   >The only advantage to the alternative loan is being able to defer   
   >payment until he's out of school, but you will pay more in the long run   
   >with higher adjustable rates and fees.   
   >   
   >A few lenders do offer PLUS payment deferrals. For example, AAA   
   >automobile club says on their website AAA.com that they offer a PLUS   
   >with an interest only option for two years - you can call them to find   
   >out exactly how that works - and although some of the breaks they offer   
   >(1% plus 1% rate reductions, 6.5% instead of the usual 8.5%) are listed   
   >as for AAA members, a representative told me everybody gets the breaks   
   >because they are either members or were referred by a member. I'm a   
   >member - consider this your referral :)   
   >   
   >If you do go with an alternative loan be sure to compare fees, interest   
   >rates, and how much they can adjust.   
   >   
   >   
   >Steven B. Blank   
   >College Financial Aid Consultants   
   >29 Ives Hill Court   
   >Cheshire, CT 06410   
   >(203)250-7761   
   >   
   >   
   >cover said the following on 7/23/2007 3:48 PM:   
   >> We're looking to help finance our son's last two years of college at a   
   >> University here in WA state.  On the one hand, we've considered a   
   >> parent plus loan but want him to have some ownership for his loans and   
   >> have other kids we need to help too.  That leaves a student loan and   
   >> it *appears* that we'd likely be onboard as co-signers on any student   
   >> loan so perhaps, in the end the parent plus loan is the way to go   
   >> where interest rates are concerned.  Any thoughts on this by folks   
   >> with experience?   
   >>   
   >> Also, we're looking at the following sites and the loan totals would   
   >> probably be in the neighborhood of $15k/year so we'd be hoping to   
   >> defer payments on the loan until after he graduates.  Any experience   
   >> with the following sites?  TIA for any helpful replies..   
   >>   
   >> https://dlenote.ed.gov/empn/index.jsp   
   >>   
   >> http://www.salliemae.com/salliemae_home.htm   
   >>   
      
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