Comments on: What Is the Best College Student Loan Program?

By: Krista

Krista — Wed, 08 Dec 2010 22:12:19 +0000

Yes, that’s true – I went to a private school for undergrad and they gave me a lot of scholarship. Out of about 40-50,000 dollars charged per year, I only ended up getting loans for 40,000 total – 10,000 per year. I’m currently doing my grad work at Indiana University – obviously a public school – and they gave me only 7,000 a year out of about 30,000 that I have to end up paying. College is expensive, but I definitely recommend the private schools. It’s a good learning environment, and the financial aid is way better!

By: Leigh

Leigh — Sat, 17 Jul 2010 13:44:45 +0000

The best advice is to use the Common App that will allow your child to apply to multiple schools. Then you have a better idea of how many colleges will accept the student and what financial aid package will be offered.

One should also fill out the FAFSA to determine what government financial aid is available.

I work in higher ed and have seen too many students take on expensive loans to earn degrees that will not further their earning potential (art history majors, etc.). If the student isn’t working towards a solid degree with career potential (business, engineering, computer science), a parent may have to intervene and determine that a degree is not a wise step at this point in the young adult’s life.

More importantly, there are always other options to a standard, 4 year degree such as taking classes at a community college to knock out those core course requirements. The student can live at home, retain a job, and pay a fraction of the cost.

The G.I. Bill remains a solid option. And just plain working and saving is never a bad choice.

There are too many young adult with massive student loan debt that will impact their life choices for decades to come. At some point the consumer needs to wise up and determine if there’s a return on investment for the college degree they would be capable of earning.

By: Everyday Tips

Everyday Tips — Thu, 08 Jul 2010 12:23:50 +0000

My son is 16, so we are aggressively thinking about college these days. You are so right about picking a college that will not saddle you with tons of student loans. A friend of mine has 2 kids, one went to a great public university and the other went to an ‘elite’ private college. I asked if the private school was worth it and he said ‘I will let you know if she ever gets a job’.

One thing I have heard though is a lot of smaller schools will give more financial aid. (Not so much schools like Northwestern, but lesser known private schools.)

I did not know student loan rates were so high. Thanks for the info.