Looking for a little guidance as my family ventures into the world of student loans. We've been lucky to have my oldest graduate in a few weeks with scholarships that completely paid her undergrad years, but now she is headed to med school and will require loans. We also have a HS Senior about to start college in Fall, and we are thinking of getting student loans in her name to boost her FICO (will be her first loan).
Any advice you guys can share, or can you provide some articles to read to better prepare us?
A little background info for you:
- The med school child has been approved for the full amount of post-grad loans for her COA (cost of attendance) at around $72k per year.
- I've forgotten the names (think it was Stafford and Grad Plus), but they were both unsubsidized.
- The child heading to college for the first time has been approved for both a subsidized and an unsubsidized loan, but we only plan on taking the subsidized one. We will (hopefully) pay whatever is left as she goes through undergrad.
For the med school child, her grandparents have offerred to pay the interest on her loans. We haven't worked out the details just yet, as we all are new to this. It's a wonderful gesture, to say the least! She is hoping to get into a loan repayment "scholarship" for rural and underserved areas... but this is a highly competitive "scholarship". Basically, you work at an approved location and every year you work there, they pay off a year of your study along with providing regular paycheck. We know the president of a local non-profit site that provides services to low income, and they have plans to open 2 more locations somewhat nearby and have already offerred to hire her and pay off her loans. This would be the best, but not guaranteed and still 4 years away!
Not ready for this stage of my wife and I becoming empty nesters! I anticipate making some road trips to each college on alternating weekends!