My son got pretty good aid but he will still need to take out a loan. We are researching several lenders. Does anyone have any tips for us? Or anything to avoid? Thanks!
Have you exhausted all Federal options?
For me, it depends on the amount you need in loans annually.
You need to be sure you will be a qualified cosigner or loan taker all four years of college.
I assume you are talking about more than the $5.5K federal student loan. He is likely not going to be able to take out a private loan without a co-signer…does he have that person lined up for the next four years? Have you researched other options like parent plus loans, home equity loans, etc?
Here is a loan payment calculator so that he can model what his payments will ultimately be. Mapping Your Future: Student loan repayment calculator
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Yes-- I will cosign the loan and I have a good credit rating. Thanks for that link-- I’ll check that out now! d.
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Does the school have a preferred lender list? Schools that maintain a list have to comply with Truth in Lending Act requirements for their list. You can search for preferred lender list on the school website.
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Thanks-- I’ll check!
Yes.