<p>is anyone going to take out student loans? and also, does anyone know what is better: a federal loan, a loan from BU, or like…from a company/bank? my family is leaning towards a federal loan, but idk…does anyone have an opinion?</p>
<p>BU does not give loans themselves, I believe you are talking about a MEFA (Mass. educational financing auth) loan, which is the route I took. This is the most popular loan option for all college students in Mass. actually, because it has a very good interest rate, you can choose between variable and fixed, and has good monthly payments. BU also automatically authorizes the MEFA loan after every year of school, which basically means that they renew it for you. It has worked out great for me and my ahem, $30,000 in loans, grrr. what we must do to attend the univ of our dreams haha</p>
<p>Actually, BU is the lender for some of the federal sponsored loans (they are federal programs, but the money comes from BU and you’re payments are mailed to BU).</p>
<p>You’re choices are between government sponsored loans and private loans. Generally, government sponsored loans are much more generous with the terms (particularly the interest rate, grade period, and plan options). Private loans should really only be used to supplement if necessary or if, for some reason, a bank offered you an amazing rate (which is unlikely). If you do need to get a private loan, shop around. You will have better options if the loans are in your parents’ names, although it is possible for you to take out loans (which I don’t recommend, though I had to do this to pay for school).</p>
<p>Of the government sponsored loans, BU will explain to you which are the best per your situation.</p>
<p>thanks for the help, guys!</p>