Identifying and evaluating student loans.

[Realist]

Student loan debt doesn't have to be hard.

Most people will typically enter into a student loan situation for 10-15 years, and those APRs can run quite high.  In time, you will find that a loan can easily add 15k, 20k, or so much more over the total life of the loan.  Some loans can get very expensive depending on the amount borrowed, and while longer term loans appear a bit more payment friendly, they aren't your friend over the life of a loan.  Use those calculators and shop the loans around between different lenders.  There are still opportunities out there if you look around, even in todays market.

Instead, try running the calculator on the shortest duration, both by yourself, and then again with a trustworthy co-signer, to determine if that play can make sense to you.  Borrow only what you need, even if that leaves you paying for a tiny or small amount out of pocket.  Consider all conditions or opportunities.

Recently Acquired Loan Result:

Secured a very healthy low 2.XX% student loan with a five year repayment and co-signer - Nov 2025.  The payment isn't too bad, as most of the payment goes directly towards principle.  In our scan of scenarios, the interest rate options fluxuated greatly from a low 2%, upwards to high 12% - potentially adding tens of thousands onto the cost of the loan the longer it ran.  The current plan is to pay down the loan in 12 months, to where it can be refinanced for another five year term (in their name), in exchange of payments of under $100 per month.  While this total debt can be paid off anytime, it's not recommended.  Instead, this leaves five years of proven payment potential, and helps to support healthy credit profile development for someone at the college level.   

Always have a plan.  Use those calculators to run multiple scenarios.  Private, federal, they all have their pros and cons.  Try to give yourself the best terms possible.