3 Responses to “What is the best way to go about college loans?”

1. The Mozzer Says:
   March 20th, 2009 at 2:50 pm

   Join the military, go overseas where the pay is better and save. Get out and go to college after 4 to 6 years. England is a nice place to go to.

2. WriterGrl072 Says:
   March 21st, 2009 at 6:49 am

   I’m got through my last two years of college with loans and I’m pretty satisfied with how it went. I managed to get a loan with a very low interest rate and I should have it paid off within 10 years (that’s the plan anyways).

   I could never get a Pell Grant, so loans were a good option for me personally.

   Good luck!

3. Tied Says:
   March 22nd, 2009 at 4:51 pm

   First, check with your financial aid office. Explain why you need to borrow so much to attend school. See if there isn’t any way to get more grant and/or work study money.

   Then ask the school if they can suggest a bank - they might know which banks have the lowest rates. Check out both the interest rate and any fees the bank might charge.

   Unfortunately the majority of college students do have college loans. The average debt balance of college graduates is hovering around $20,000 for all 4 (5) years.

   That can be paid off in less than 10 years if you are careful about how you spend money. Remember most college loans begin repayment 6 months after you get out of college. There is nothing wrong with starting payment immediately, if you can. The sooner it’s paid off the less interest you will be paying.

   If you have multiple loans form differing sources you might want to look into loan consolidation after you graduate. Ask for auto deduct, too, as that should reduce the interest rate by at least .25%. Every little bit helps.

   If you are considering working at your alma mater, some schools make the loan payments for you as a staff benefit.

   Feel free to post more questions on my blog:

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