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Student Loan Finance

Charlene Said:

Student Loan?

We Answered:

Well, the short answer is yes, you can get enough student loans to finance your education.

However, there are maximums that you can take out on the federal loans (Stafford and Perkins) which are the loans with the best interest rates. After those are exhausted, you'll have to borrow through private lenders (think banks). These come with a higher interest rate and you'll need a cosigner which is someone 18 or older who has decent credit and a bank considers to be borrow worthy.

Now would I recommend financing your entire education with loans - NO. You will be in debt for a long time and will most likely have a harder time paying your monthly loan payments back, especially after you graduate, unless you are making good money. Although I'm not sure where you live or what you plan on going to school for, most entry-level positions for college grads do not pay that great in the first few years. I took out about $35K in student loans (which was only 1/4 of the total cost of my four year education) and I pay over $350/month just for student loans. And that will be continuing for the next 10 years unless I get rich and win the lottery and am able to pay them off sooner.

Your parents are not stupid to want you to save 90% of your paychecks. I know you think it's ridiculous, but if you can save even a few thousand dollars before going to college, it'll help. I understand that you want to be able to spend most of what you earn now on clothes, entertainment, etc. but you may regret it later.

Good luck with everything!

Raul Said:

If I get a student loan, will it affect my financial aid and can i use that loan to finance a car or buy used?

We Answered:

No, they don't consider getting a car a necessity. Also, after you get a car, you'll have to worry about insurance and gas which you can't try to write off as a educational expense.

Your financial aid will more than likely be affected by getting an additional student loan if it is not a federal loan offered through FAFSA. If you get the loan, then your level of need generally goes down. Same goes for getting a scholarship. The financial aid dept is very particular about how much money they give out.

Claude Said:

when you take out a loan from student finance how do you know how much you owe them?

We Answered:

When you pay off a loan you should always ask for a receipt. In most cases even if you don't do that they should send you a monthly statement saying that you have done it! (and that you don't owe them anything else). Give them a call and ask for it!

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