Ask Terry Questions Student loans

Student loans

By Terry Savage on June 08, 2015 | College Savings / Student Loans

Which are the best loans to reach for at this point. We figure we will need 10k for the next 4 years, 40k total.



Terry Says:  This is an important process — and one you have to take step-by-step.  I’m hoping that your child is a junior or starting senior in high school and has not graduated yet.  That would be way too late!

Start with the high school guidance office and they will introduce you to the FAFSA form that you must file for any and all student aid — Federal and private.  You’ll file for Federal Direct loans — but they won’t be nearly enough. and are good sources for free money — but it’s not likely you’ll get much.

Your child should work with the guidance counselor to choose schools that are likely to offer extra financial aid in the form of work-study programs.  AND, you might consider having the child live at home another two years (I know you don’t like it — and he/she won’t like that either!) to attend community college — saving a fortune in costs.  Then he/she can transfer to a university for the last two years to get his/her degree.

To learn more go to — and read everything on the site!

You’ll notice that I am specifically NOT recommending you take out a home equity loan, putting your own financial future in jeopardy.



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