Paying for College

Paying for College

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If you have to borrow money for college, try to follow the Rule of Thirds for college costs:

1/3 or more should be covered by parent & student savings

1/3 or more should be covered by grants & scholarships

1/3 or less should be covered by student loans     

Types of Student Loans

Private Loans: These usually have higher variable interest rates, less flexibility in repayment if you are having a financial hardship, and you can typically borrow larger amounts.

Federal Loans: These usually have lower fixed interest rates, some have subsidized interest, most students are eligible, repayment is flexible, and the amount you can borrow may be limited.

-Perkins Loans: Subsidized, administered through school, based on financial need.

-Direct Subsidized Loan: Subsidized, based on financial need.

-Direct Unsubsidized Loan: Unsubsidized, available to everyone.

-PLUS Loans: Unsubsidized, for parents of undergraduates or graduate students.