Q: I’ve borrowed all I can through these programs but it’s still not enough money.
Tuition and Fees are expensive. What can I do now?

A: Here’s where you have to get creative.
One option is for your parents to borrow money for you through a
Parent PLUS loan - another government program.

Parents can borrow up to the full cost of attendance
(including room and board and books).

One advantage for parents is they can consolidate these loans later.
But there are big disadvantages for parents, too.
The biggest is that the parents (not their children) are on the hook for the loan.

Many financial experts tell parents to fund their own retirement savings
before taking out a loan to pay for college for their children.

There are lots of ways for students to pay for college,
but it’s very hard to catch up on retirement savings

Q: My folks say I’m grown and on my own. What now?

A: You may have to consider a loan from a private lending institution.
Over the past decade, private borrowing for education has grown 10 times faster
than borrowing from the government and totaled about $16 Billion last year.

TIP:
Remember: You have the right to borrow from any lender you choose,
… not just those on the school’s list.

That said, be careful, particularly if you venture off the list.
Read the fine print. You might be offered a loan with a highly attractive
introductory rate.

But few students typically have the credit scores to be eligible
for that rate, and it might balloon after a few years.

Another tactic that many private lenders use to lure you into
borrowing with them, is to lower your rate for making, say,
44 consecutive on-time payments.

Sounds great!

But most students don’t manage to do that and the rate JUMPS!
Take instead, upfront discounts like reduced fees. That way you’re sure to get it.

You can compare loan offers on a number of Web sites, but
the only way to find out exactly what terms you’ll get is to apply.
But don’t apply to too many — that could lower your credit rating.

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This entry was posted on Monday, May 21st, 2007 at 3:11 pm and is filed under Student Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.