I don't qualify for need based loans.

I filled out the FAFSA already. I make too much money for Stafford loans, or at least that's how I read it.

I can put my tuition on a credit card as a last resort. It would be on a 9.99% credit card.

So if I could get a lower rate and defer the payments until graduation, that would be better.

Would a PLUS loan be the best option? I hate to apply for a bunch of private loans, and take hits on my credit to find out the rate would be higher than my credit card rates.

The only reason for my lower FICO score is high debt to avaliable credit ratio. I don't have any late payments or any other derog. info. on my credit report.

Thanks.

I went to the Stafford loan site and tried to apply. It said, "Thank You for Inquiring About a Federal Stafford Loan for Graduate Students
We're sorry, the school you are attending is not currently on our lenders list of approved schools. We suggest you visit the site(s) listed below to inquire about you college funding needs. "

The school is Troy, main campus.

??? I don't know why it gave me that message. Troy is fully accredited.

EDIT: I just checked the fin. aid section of Troy's website and it says:

"Federal Stafford Loans - Troy University does not participate in the Federal Direct Stafford Loan Program. Troy University participates in The Federal Family Education Loan Program (FFELP) which includes the following federal programs:

Subsidized Loans are awarded based on the student’s calculated need from the FAFSA. (I already filled this out!) The interest is paid by the government while at least half-time enrollment is maintained. You are charged a 3% to 4% fee by the Federal government when you borrow; the amount of your loan sent to the school is reduced by that fee. Repayment begins six months after enrollment has ceased or dropped to below half-time status. Loans disbursed prior to July 1, 2006 have a variable repayment interest rate which caps at 8.25%. For new Stafford student loans disbursed July 1, 2008, and later, the interest rate will be set at a fixed rate of 6.8 percent for graduate students.

Unsubsidized Loans are not based on calculated need, but still necessitates the filing of the FAFSA for eligibility determination. You are charged a 3% to 4% fee by the Federal government when you borrow; the amount of your loan sent to the school is reduced by that fee. Interest rate is a maximum of 8.25% until June 30, 2006. For new Stafford student loans disbursed July 1, 2008, and later, the interest rate will be set at a fixed rate of 6.8 percent. Interest is not paid by the Federal government, and the student is responsible for all interest associated with the loan. Interest payments can be capitalized (added to the loan at repayment) if no payments are made during enrollment. Repayment begins six months after enrollment has ceased or dropped below half time.

Maximum Loan Amounts for Fall, Spring and Summer:



Grade Level as Determined by the Registrar Credits(1) Dependent loan maximum borrowed allowed Independent Loan maximum borrowed amount
First Year - Freshman 0-29 $5,500 $9,500
Second Year - Sophomore 30-59 $6,500 $10,500
Third Year - Junior 60-89 $7,500 $12,500
Fourth Year or more - Senior 90-180 $7,500 $12,500
Each Year of Graduate or Professional Study N/A N/A $20,500

The total maximum outstanding debt allowed is:

Dependent Undergraduate $31,000 (1)
Independent Undergraduate $57,500 (2)
Graduate or Professional Student(3) $138,500 (4)



1. Of the $31,000 no more than $23,000 may be subsidized loans.

2. Of the $57,500 no more than $23,000 may be subsidized loans.

3. Includes any Federal Stafford Loan and/or Federal Supplemental Loans for Students received as an undergraduate.

4. Of the total maximum of $138,500 no more than $65,500 may be subsidized loans.
These loan limits are the maximum and must be reduced by other assistance if total cost of education is exceeded. If other aid and loans exceed need then the subsidized is reduced and the unsubsidized is increased.

Students must apply with the FAFSA each year beginning in January for the approaching Fall.

More about Federal Stafford Loans

•Students are awarded the maximum loan eligible for Fall Semester/Term 1-2 and Spring Semester/Term 3-4 and are disbursed after the drop/add period for each term. Students who will be attending Summer/T5 are expected to save funds out of their loan awards for that purpose.

•Loans are disbursed to your account based on your enrollment on the first day after the end of free drop/add. If you added courses after that point, have your site advisor notify the financial aid office.
•Students who begin in a term other than Fall/T1 will need to complete a Partial Year Loan Request Form; this is not a Summer/T5 request form.
•Students who have remaining eligibility may request to use that eligibility in Summer/Term 5 by applying for Summer Financial Aid.

•For Students who must complete an MPN, KHEAA can send funds within three days after receipt of the MPN but must wait until after the drop/add period for the term for which funding is requested.

•You are able to check on the date that KHEAA will disburse funds to Troy University by visiting KHEAA On-Line. Checks are created for any credit balance to your student account approximately 2 full working days after Troy University receives the disbursement from KHEAA." and

"-Federal PLUS Loans for Graduate Students - GRAD PLUS Beginning July 1, 2006 graduate students are eligible to borrow under the GRAD PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent. Lenders will defer repayment while student is in school. Applicants must complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Grad PLUS Loan.

The following is information on other aid programs. You are not necessarily required to submit a FAFSA in order to be considered for these funds.

"
So did I do the right thing by applying for the PLUS loan only? I applied through my cu and there's a 1% origination fee.

Thanks.

That just means that you can't get a Direct Loan. You can still get a Stafford. Read this: http://www.finaid.org/loans/dl-vs-ffel.phtml I don't know what "Stafford loan site" you applied at, but all you need to do for the Stafford is submit your FAFSA and make sure your FA office has everything they need.

Continue to pursue the Stafford. They're a better deal than PLUS loans. And private loans should be your absolute last resort, considered very carefully only under dire circumstances, IMHO. Honestly, I think I'd put tuition on a credit card before I took out a private loan as long as I could afford the minimum payments.