Loan Newbie Questions

Parents Forum
1

<p>This concerns loans which we’ll need in order to meet our EFC (not loans that are part of the aid package).</p>

<p>Should we take out the loan or can D take the loan with us as co-signers?</p>

<p>Are loans taken once (at the beginning of the year), or twice (at the beginning of each semester)? If twice, do the 2 loans have to be the same amount?</p>

<p>How much should we borrow? We will be able to pay quite a bit of the EFC from income, but not all. We obviously don’t want to over-borrow to make up the difference, but I’m concerned about under-borrowing and then having our savings wiped out by an unforseen expense. Which way should we err? Or do we even have a choice?</p>

<p>We have excellent credit. We don’t want to dip into home equity, but PLUS at 8.5% sounds ridiculous. Is there a third alternative?</p>

<p>Thanks!</p>

2

<p>I’m looking into that right now, LasMa. I’m going to google ‘private loans for college’ and see what I find. I’ll let you know. Sometimes there are loans thru the university that are at a lower rate…</p>

3

<p>I’m in the same boat. I’ve done preliminary research so far.
Please be sure to post what you find out our private message me.</p>

<p>Thanks!</p>

4

<p>Jolynne and editor: I’m going to post this question over on the Financial Aid forum; I’m sure there will be lots of responses over there.</p>