Student loan
Hi Terry I have a student loan question. Where does my Daighter go to apply
For federal student loans ? She
Received 5,000 in unsusidized loans but needs more . I can give her 10k/yr but that’s all i can do . We’ve
Applied for a
Million scholarships. School isn’t very
Helpful at
All . Thanks so much
Terry Says
This is the time of year when college acceptance letters are coming in. Yea — you’re IN! Now how are you going to pay for it??
First step is filing the FAFSA form, to get Federal Student Loans. Read this article on how much you might be able to get on Federal Student loans.
Parents can get Parent PLUS loans to make up the difference, but these are very expensive loans, considering rates and fees.
And there are private lenders who make loans, typically with a co-signer for an undergrad. The rates are high and the repayment terms of these loans are inflexible. So you’re stuck with them for a long time.
And have you applied to the admissions office to see if you could get additional MERIT AID –a form of subsidy that schools may give out if they really, really want your child in their class.
FINALLY, FIGURE OUT HOW MUCH EACH SCHOOL IS GOING TO COST BY COMPARING THE AID YOU GET TO THE COST OF ONE YEAR AT THAT SCHOOL (including tuition, room and board, books, fees and travel expenses). Each school publishes that figure and you can google it easily.
A more expensive school may give merit aid making the family responsibility a little lighter. But just be careful not to get in over your head in debt. A local or state school might be the better choice even if your child gets into a prestige university.
