In the midst of an economic crisis, parents are more concerned than ever with finding ways to afford college tuition. Financial aid counselors are being buried under mountains of paper work sifting through tax returns to determine eligibility with the hope that they can ease these concerns. In many cases, scholarship or grant money is not enough to bridge the gap, so students and parents must look to loans as a way to afford tuition. Graduate and undergraduate schools alike offer federal Stafford and PLUS loans, federal Perkins loans and institutional loans where your school is essentially the lender. Depending on the situation, and of course interest rate, families often consider private loan options instead.
With so many different options available, choosing the right loan can be very confusing. With private loans especially, it can be challenging to figure out the terms of the loan, knowing when payments are required and what the total balance will be over the life of the loan. Finaid.org's Loan Calculator is a simple tool that will allow you to calculate the amount of interest that will accrue on your loan.
We have also included a link to Financial Aid Finder to help you better understand the different loan options a family has, and to weigh in on the advantages and disadvantages of each. If you would like to view this page click here.
Please let us know if you found this information helpful. You may also write in with suggestions on other topics you would like us to consider.
Bye, bye!
Savvy Student
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