Students Loans
Can all College students get loans to pay for the college of their choice?
I keep hearing mixed messages. Some students say they can't afford college, while others have over $100,000 in loans. My son wants to attend a pricey college. Can he get the loans under his own name? What is your experience?
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.
Paying Off Student Loans
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Tagged with: college • education • finance • loans • money • students loans federal • students loans for college • students loans for living expenses • students loans with bad credit • students loans without a cosigner
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