I am read from http://www.thesimpledollar.com/
It's good solution for us
When
it comes to paying for college, most financial experts dispense similar advice
that follows this roadmap:
- Use free money first. Simply put, this means grants, scholarships, or any other option that doesn’t
require repayment. I was fortunate to qualify for a number of grants and
scholarships that made going to a private college even cheaper than a
public institution. Because of them, I owe a lot less in loans than many
of my classmates.
- Use federal loans next. Traditionally, this has been
no-brainer advice because Uncle Sam has offered low-interest, fixed-rate
loans that eclipsed the offerings of most private lenders. What’s better
is if you qualify for subsidized loans like I did (with these, the
government will pay your interest while you’re in school).
- Use private loans last. Accordingly, many experts caution
against private loans because most low interest rates are variable (and
likely to rise over time), while fixed rates are usually higher than the
rates on federal loans. As I mentioned above, I had to take out a small
private loan at one point — it was convenient, but the interest rate was
higher than my other loans.
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