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Julia Said:Should I pay a low interest student loan off now or is it to better to use that money for something else?
We Answered:I would first recommend you maximize all contributions you can make to a retirement plan (401k or IRA or Roth IRA). Then, make sure you have about 6 months worth of basic living expenses in a savings account for a rainy day emergency fund. Then, if you are married or have a child, make sure you have sufficient life insurance on you (and disability insurance for yourself in case you get hurt or sick).
Once you have taken care of all of these things, if you still have the spare cash, then I would pay it off. It is in theory possible that you could earn a little more investing this than you would spend to pay it down over time, but for such a small student loan, getting rid of it would add simplicity to your life and show you have no debt in the event you need to get debt in the future.
So, just make sure you have all the safety net stuff in place (emergency savings, disability and life insurance, and retirement savings fully funded), and if that's all ok, pay off the student loan.
Gerald Said:What are some low interest student loans?
We Answered:Fill out the FAFSA is determines eligibilty for loans like the perkins loan or the Stafford loan. The stafford loan has a fixed interest rate of 6.8% but check with different lenders for borrower incentive programs. Lenders will offer you incentives for selecting them. Like cash back bonus' or interest rate reductions.
Vernon Said:Does anyone know a good company to get a low interest Student loans from ?
We Answered:sound like you are in a private university. why did you choose to go in to private university. Public university is so cheap. Community colleges are so cheap and they offer free grant money.
I went to community college and then transferred out to a University. Now I have bachelors degree and I don't have nay loans.
Ted Said:Where can a student find the best low interest student loan ?
We Answered:Your best student loans will be received from the fin aid office at your school. Apply at http://fafsa.ed.gov
Reginald Said:What is the best (low interest) student loan available? My parents have excellent credit?
We Answered:All these people are trying to sell you on their companies.
First, have you borrowed the Federal Stafford Loan? Even if you don't qualify for aid you can still borrow a Stafford Loan, $5500 for freshmen, $6500 for sophomores and $7500 for junior and seniors. Just complete the FAFSA at www.fafsa.ed.gov and then contact your financial aid office. These loans are deferred while you are in school, have great repayment options and can even be forgiven if you go into certain careers. Don't fall for greedy banks looking to get you to do a private loan.
Rachel Said:Taking Advantage of low interest student-loan Money what to do with it?
We Answered:AFAIK federal student loans with rates under the inflation rate have to be used towards education costs, and I'd be a bit surprised if you even qualify for them given that your parents are capable of paying for your education.
Investing borrowed money is rather risky. If you're sticking to risk-free CD's and the like, you're looking at a 3.5% ish return (max)... you're not going to be making much more than your borrowing cost. Stocks obviously have better potential, but it's pretty high risk as a somewhat short term investment in this climate.
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