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College Loans For Students

Holly Said:

Can all college students get loans to pay for the college of their choice?

We Answered:

Attending a "pricey" college on loans is risky for your son.

He will not be able to accumulate that much in federal student loans (because they have lifetime limits to protect him). People rack up that much debt by going into the shark infested, unregulated private student loan business. These sub-standard variable rate and high interest loans are very undesirable for him and the person who cosigns with him. (for example, in federal loans, God forbid he becomes totally disabled or he dies, the loans are forgiven. Not so with private loans, his cosigner would still be responsible to pay them back if he dies or doesn't pay.

He will not be able to take out a private student loan without a cosigner.

I would encourage your son to apply for admission to several schools so he can get a financial aid "Award Letter" from several and he can comparative shop. The best school for him is the school he can attend by taking out the least amount of loans. This would be different for anyone. Encourage him to apply for scholarships and tell him you will not cosign any private student loans for him. If he can not attend college on federal aid, then it's not a very good school. Plus, any employer won't pay him MORE because he decided to attend a private or out-of-state school.

Read this book, it will help.

Duane Said:

What is the interest rate of loans for college students (and expected future cost)?

We Answered:

Students and parents who must deal with the high cost of a college education have available to them a wide range of student loans. This article offers details on three general types of student loans. Unlike other student loans, application for a specific Stafford Loan should be preceded by the filing of a Free Application for Federal Student Aid (FAFSA). The FAFSA application should be made in the name of the aspiring student.

Like some other student loans, application for the Signature Loan permits the use of a co-signer. In fact, there is a real advantage to applying for a Signature Loan with a co-signer.

Tina Said:

What percentage of college students take out loans?

We Answered:

I found a surprisingly interesting fact from my school; the University of Iowa. It said that %44 of students that graduate were debt-free! I was very surprised, they also said that of those %56 that had loans the average amount at graduation was only $12,000. I think that is pretty good considering the schools tuition/Room and Board/Living Expenses are in excess of $17,000 a year. As for myself, my parents are pretty well off but are not paying a dime for my schooling so I am taking out loans for about $6,000 my freshman year and the rest is paid for by grants/scholarships. Just remind your parents that you will be sure to get a career that has a high salary right out of college so you can quickly pay off the debt. I am going to be an accountant like my father so average salary for first year out fo school accountants is over $55,000,, so I am not worried and neither should you or your parents as long as you will be a good student.

Catherine Said:

Are there any personal loans for college students with less than perfect credit?

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

Wade Said:

Is there any books about Loans for College students ?

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

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