What is the best loan option for prospective grad students?
Should I get a loan from a bank or from a student loan company? Which is more affordable? If bank, any specific bank with lowest interest rates? If other, which one is best option? Thank you!
loan best answer:
Answer by payingcollege
Your best bet for grad school is the federal GradPLUs loan. Federal loans typically have the best interest rates and most generous repayment options. You must start by filling out your FAFSA.
If you've missed the FAFSA deadline for this year, private student loans are also available. These loans are credit-based, which means the interest rate will probably be variable, and based on your credit history. Having a cosigner with good credit can help. Private student loans are usually more expensive than federal loans, but still have benefits over "bank" loans, such as potential interest deduction on your taxes.
Explore your options, and borrow only what you need, b/c you will have to pay it all back eventually.
loan
What are loans?
Image by eric731
This is a display at the Moneypalooza section of the Marbles Kid's Musem in Raleigh, NC. In simple, old fashion terms terms, loans are other people's savings borrowed by an individual to pay for cars or build businesses as the display says. But in reality, we know, banks are allowed to loan out more than what they have on hand in savings. And we know in reality, loans are not used just for worth while ventures such as cars or businesses, they are also used for mochas and clothing. Hopefully, the kids will learn to save rather than spend using loans.
Live humbly, Stay away from debt, and Give generously.
www.beatingdebt.org
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