Study loan : 3 Financial Questions to Answer When Making the Final College Choice

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Study loan
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3 Financial Questions to Answer When Making the
Final College Choice
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• College acceptance letters have arrived, and
  families are trying to decipher financial aid
  awards.
• By balancing academic, social and financial
  information, families can make a smart choice
  together.
• With college debt on the minds of everyone from
  students to presidential candidates these days,
  it could be tempting to make your college choice
  based on cost alone.
• Equally important, though, is choosing a college
  where you have the greatest chance of completing.

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• Can you stick to federal student loans? More than
  70 percent of students borrow to help cover
  college costs, so it's common for financial aid
  packages to contain student loans.
• It's the type of loan that you need to watch for.
  Individual states often offer loan programs with
  flexible payment options and sometimes no
  interest the terms vary from state to state, so
  you should check with your state department of
  education.
• Federal Stafford and Perkins loans have the most
  generous payment terms, and best of all, they
  have annual and aggregate limits on the total
  amount you can borrow throughout your time in
  college.

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• Will all the loans be in your name? Federal
  student loans don't require credit checks or a
  co-signer you as the student are the sole
  borrower and the only one responsible for
  payment.
• In contrast, private student loans typically
  require a co-signer.
• Co-signing a loan should not be entered into
  lightly. Your co-signer is equally responsible
  for the loan.
• That means if you fall behind on payments, not
  only your credit record, but also your
  co-signer's, will take the hit. And your
  co-signer will be pursued for payment.

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• First, consider how much you'll likely borrow for
  all four years and then use an online calculator
  to determine your monthly payment.
• Review salary estimates for your intended major
  to get a better idea of how much to borrow.
• A good rule of thumb is to limit total student
  loans to less than your anticipated salary in
  your first year out of school, or to limit study
  loan payments to no more than 10 percent of your
  expected monthly income.
• Source http//bit.ly/1WeAJ2T

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