tinkerbell615
08-01-2007, 04:01 PM
DH, DS and myself could use some help from any of you out there that might know a little something about private student loans for college.
DS is going into his fourth year of college and still has one year after that. Up to this point he has used his goverment loans to help pay for college with one "teri" private loan and our parent plus loan. He is our first to go to college. DH and I did not go to college so we are learning all of this with DS as he goes along. The problem is... the Stafford loan is not enough to cover the entire cost of a year. Two years ago DS got a private loan and it looks as if the interest rate and interest acrued already are really high. The interest rate is 8.2%. We try to help as much as possible. We help with books, food on campus, car insurance, cell phone etc... but just are not able to pay for his tuition. He has a job but it certainly is not enough to pay for school. We took a parent plus loan last year to help with the balance but it is not feasable this year.
Can anyone tell us what is the best route to go with a private student loan to pay the balance? He is a commuter and is going to graduate with a degree in Special Education. We read and read and read and it all just seems to run together.
Can any of you who have been through this maybe give us some suggestions? We would greatly appreciate it. :confused:
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DS is going into his fourth year of college and still has one year after that. Up to this point he has used his goverment loans to help pay for college with one "teri" private loan and our parent plus loan. He is our first to go to college. DH and I did not go to college so we are learning all of this with DS as he goes along. The problem is... the Stafford loan is not enough to cover the entire cost of a year. Two years ago DS got a private loan and it looks as if the interest rate and interest acrued already are really high. The interest rate is 8.2%. We try to help as much as possible. We help with books, food on campus, car insurance, cell phone etc... but just are not able to pay for his tuition. He has a job but it certainly is not enough to pay for school. We took a parent plus loan last year to help with the balance but it is not feasable this year.
Can anyone tell us what is the best route to go with a private student loan to pay the balance? He is a commuter and is going to graduate with a degree in Special Education. We read and read and read and it all just seems to run together.
Can any of you who have been through this maybe give us some suggestions? We would greatly appreciate it. :confused:
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