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Frequent Contributor
Posts: 357
Registered: ‎08-14-2012
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Which Student Loan option is best?

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Could you guys take a look at the details, I suck when it comes to this stuff. Thanks.

Rebuilding...been out of the game for a minute. Now, after suffering I'm back with greater wisdom. Scores: Currently @ around 6 teens to 20's, across all three EQ,TU, EX
Established Contributor
Posts: 754
Registered: ‎11-20-2012
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Re: Which Student Loan option is best?

Have you exhausted all your Federal loan options? Because private loans are not, generally, as good an idea.

Valued Contributor
Posts: 1,653
Registered: ‎06-09-2008
0

Re: Which Student Loan option is best?

The answer is that it depends on your situation.  The biggest question for those options is "how much can you afford to pay while you are in-school?"

 

If you must take out private loans, you should dedicate yourself to repaying as much as you can while you are in-school, and minimize your borrowing.  Private loans don't have the same type of options and protections as federal loans, but they are just as impossible to get rid of if you have financial difficulty.  They also usually have a higher, and sometimes variable, interest rate, meaning you'll pay more for every dollar you borrow.

 

I'd reccomend talking to your school's financial aid office and carefully reading about the different types of loans and aid offered.  Then, if you have questions about something specific, you can ask us, or someone at your school.

 

 

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