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Student Loans For College Tuition

Erika Said:

What are the pros and cons of taking out student loans for college tuition?

We Answered:

Pros: You can go through college without worrying how you'll pay off your bill while doing tons of schoolwork, you can sometimes get scholarships because you have loans, your education is in your hands--not your parents.
Cons: You'll have debt when you get out of college plus interest, you might not qualify for student loans and (if your parents are willing) may have to apply for parent loans.

These are the things I've experienced anyway. Always try to get as much financial aid in scholarships and grants as possible before you get a loan.

Ashley Said:

Is fafsa helping you pay for college tuition or are you doing it on your own with student loans?

We Answered:

well half of its from my parents and half of its from like money from communion, conformation, stocks, etc. none from financial aid however.

Melissa Said:

Student Loans?

We Answered:

Student loans are suppose to cover all educational related expenses. It could be for tuition, books, travel, computer or whatever. If you have any financial aid left over after your tuition and fees are paid you will get a check sent to you for the remaining balance. You could then return it to the loan company if you want or spend it on whatever you want. If you pay your tuition with cash and then you qualify for financial aid your just going to get the cash sent back to you. Talk to a financial aid rep. If you qualify for financial aid they will show you the types of aid that you can apply for.

Marvin Said:

save, invest, & take out student loans for college costs OR pay cash for college expenses?

We Answered:

Personally, I would probably take out new loans for your MBA, but only if you can get them at 7.5% or lower. The interest is tax deductible, so you'll really only be paying 5.63% or less when you start making payments (5.63% assumes 25% tax bracket).

You're right that you can probably do better with your investments than 5.63%--but thats beside the point. You need cash savings and you need to be able to at least get your company match (free money) in your 401k. You don't want to have to take on additional debt if you hit a financial snag down the line (which is inevitable), so it's important to have a cash cushion and add to it every month.

Either way, I'd defer payments on your previous loan. Take advantage of this "free" money as long as you can. Save what you'd be paying in payments and earn interest on it.

Anna Said:

Save for our kids' college tuition, or pay off our own student loans?

We Answered:

Payoff the loans at 4%, keep the loans as long as possible at 2%, paying the minimum payment. Let inflation pay the bill! I would almost say the same for the 4% loan, but that would be subject to debate. Analysts are projecting the United States federal debt to exceed 70% of GDP, and some call that a modest estimate. It should come as no surprise this level of debt is problematic and using inflation to wiggle out is not a new idea. Therefore, having cash (savings) is a bad thing, debt (especially at extremely low rates) is awesome. When inflation kicks in, the interest rates will shoot up to 20% and you'll be high on the hog as they say.

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