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Loans For Students In College

Edwin Said:

What percent of students take out loans for college?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Tamara Said:

Loans for college students?

We Answered:

If you are a dependent student, you will not be able to borrow that much money per year. Dependent freshman are only able 5,500 a year in Stafford loans. When you become a soph that amount will go up to 6,500 a year. Jr's and Sr's can borrow 7,500 per year.

You will need to have your parents take out PLUS loans for you for the remaining amount. Your parents are responsible for paying PLUS loans back. Payments for them start immediately. Be sure you (and they) realize they will need to borrow at least this much per year for the next FOUR years... totaling around 15K a year times 4 years = roughly $60,000 total.

Each year they would have to apply and qualify for a new loan. They would have to keep their good credit and have sufficient income to qualify and pay back the loans. Be aware you won't be changed to the in-state (cheaper) college tuition after you have been at school a year or two. Once you are an out-of-state student you will always be charged the higher rate. Also, you don't want to get stuck as a Jr or senior (when its too late to transfer back in-state) if your parents suddenly become unable or unwilling to do a parent loan for you after borrowing for the first one or two years for you. Because even if they refuse to take out PLUS loans, you still will only be able to borrow the amounts I quoted above.

Be sure you think this over carefully before you borrow to attend an out-of-state school.

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