Finding College Loans
Finding the Right Loans for College by F&EG Staff -6/2005-
When scholarships, grants or money from generous relatives aren’t enough then it’s time to do your homework and find the college loans best suited for your child and you. It can be confusing with all the different organizations that offer the same loans, some with names like your friends…Sallie, Nellie and Perkins and others with double meanings… Subsidized Stafford and Unsubsidized Stafford and of course the Parent Plus…any of which could become a MINUS.
To survive the ordeal it is important to remember at all times, especially when you are the one paying them back, that all loans are really a PLUS because your son or daughter is receiving an educational gift of a lifetime that he or she will utilize in their life forever -in some way shape or form.
To begin with you need a list of the various institutions that offer college loans. Make sure you read the loan terms, details and benefits, including loan limits and fees, interest rate, borrower qualifications, student eligibility and pay back terms.
Some loans start right away while others don’t start until 6 or 9 months after the student graduates. If the student meets all but the age requirements, he or she may still need a co-signer.
Student loan counselor, Patrick Comer of Student Loan Xpress strongly advises you to “Make sure you contact your lender upon graduation for re-payment options. You may be eligible for interest rate reductions on your loan, and other benefits during the repayment phase.”
Regardless of the total cost for school including tuition, room and board, books, school fees, travel etc., either private student loans or the Parent Plus Loan will pay the balance due.
For more information on school loans contact Student Loan Xpress at 866 759-7737 or visit www.studentloanxpress.com To help with your loan planning, Everybody’s F&E Guide created the table below. Good Luck and happy loan hunting!
