Ask Terry Questions Student loan

Student loan

By Terry Savage on July 03, 2023 | College Savings / Student Loans

Our daughter will be a Junior at Indiana University this fall. We have so far been able to come up with the tuition, room and board. this year she will have to get student loans, and we will have to co-sign. Where is the best place to get these loans? We checked Sallie Mae, and the repayment on a $12K loan is going to be $29K! That is outrageous! do you have any alternatives? Thank you

Terry Says

You could consider a home equity loan. That may be cheaper in the long run than a private student loan or a ParentPlus loan.
Taking money out of your retirement accounts is a big no-no.
AND, contact the school and see if they have any additional help in the form of work/study deals, or “merit” benefits, letting them know her attendance is in doubt. Do it now!



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