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re: student loan
Posted on 3/30/15 at 8:30 am to oldschoolgreats
Posted on 3/30/15 at 8:30 am to oldschoolgreats
Fed subsidized loans should be around 3-3.5% I think. Private loans will be 6% or so, but its increasingly difficult to get a private student loan.
I would try and take the cheapest route if it were me. Maybe he should try going to community college first, then transferring to a university. Or starting out at a small university and then transferring to a bigger. $40,000 on graduation is nearly twice what the average student graduates with. I'd also imagine the payments upon graduation after deferment are going to be around $400/mo, which is going to be hard to service for a fresh college graduate.
Kid needs to think long and hard before saddling himself with $40k in debt. He may better off learning a trade, honestly.
I would try and take the cheapest route if it were me. Maybe he should try going to community college first, then transferring to a university. Or starting out at a small university and then transferring to a bigger. $40,000 on graduation is nearly twice what the average student graduates with. I'd also imagine the payments upon graduation after deferment are going to be around $400/mo, which is going to be hard to service for a fresh college graduate.
Kid needs to think long and hard before saddling himself with $40k in debt. He may better off learning a trade, honestly.
This post was edited on 3/30/15 at 8:32 am
2
Posted on 3/30/15 at 8:38 am to southernelite
the $40,000 number represented the outside limit and not the expected amount. what would you guys say is the average for a student with a low level of family income (>$45,000).
the average debt level for all students would be lower because of students whose family could pitch in more money upfront and thus reduce the need to borrow. high performing kid in h.s. that would prefer to go to best school he can afford (including REASONBLE debt amount).
the average debt level for all students would be lower because of students whose family could pitch in more money upfront and thus reduce the need to borrow. high performing kid in h.s. that would prefer to go to best school he can afford (including REASONBLE debt amount).
Posted on 3/30/15 at 9:09 am to southernelite
quote:
Fed subsidized loans should be around 3-3.5% I think. Private loans will be 6% or so, but its increasingly difficult to get a private student loan
Those are the right interest rates, but reverse the institutions.
DIRECT loans are now 6%-6.5%.
And private loans are around 3%, but much harder to qualify for these days.
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