Financial aid awards will generally contain some loans for the student. Most often here are government backed loans such as a Stafford or Perkins loan. However, families often seek to take out loans other than federal loans and will take out private loans from banks and educational loan providers such as Sallie Mae, they try to look for options where they can get an easy loan now, the fastest way possible.
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The New York Times has a good article warning families to be very careful when taking out private loans. Specifically, you will want to read all of the fine print in these loans very carefully to make sure you understand the terms of the loans.
If you are considering taking out private loans to pay for college I strongly recommend that you read the 2009 SLA Guide to Private(or Alternative) Loans.
A certain level of loans to financer a college education is acceptable in my opinion. However, when students take out more loans than they can afford upon graduation this becomes a very real concern. When the high interest rates that are typical of private loans is added in, the students ability to pay back the loans can quickly get out of hand. This is probably because it is as easy to procure loans from websites such as smslåndirektutbetalning.se/med-svag-kreditvardighet and get them instantly.
Be very careful when taking out any type of Shorter term loan but particularly if you are considering private loans. Your future ability to repay the loan may depend on it.
Have you taken a look at http://www.simpletuition.com? I’ve found them to be an excellent resource when looking for private loans because they spell out everything in one place: interest rate, monthly payments, and total repayment.
Mark,
Thanks for the suggestion. I have glanced at simpletuition in the past and it appears to be a good source of information. The more information families can get if they are using private student loans, the better.
Todd
Todd,
You and your readers may want to have a look at http://www.DiscoverScholars.org, which allows charitable donors to award scholarships to the types of students they wish to support.
Naturally, grants are preferable to loans.
Jonathan Bydlak