10 Steps Parents Should Take Before Paying for College

Mar 30, 2012 7:19:00 AM

What all parents should know about comparing financial aid award letters before making a decision about where to enroll. 

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Topics: Financial Aid Award Letters, Borrowing for College

15 Questions to Ask Before Borrowing a College Loan

Mar 29, 2012 9:46:00 AM

Before you borrow any student loan, always ask the lender the below list of questions. For more paying for college tips, download our free Guide to College Borrowing.
  1. What is the interest rate?
  2. Is the interest rate fixed or variable? (Variable rates can change monthly or annually until your loan is paid off, which means your payment can also change.)
  3. Is the rate I receive based on my credit?
  4. Does the interest rate ever change? (Some loans have different rates while you are in school vs. after you graduate and start repaying your loan.)
  5. What are the fees? (repayment fees, origination fees, default fees, late payment fees, etc.)
  6. What is the loan term?
  7. What would my monthly payment be if I borrowed $X,XXX?
  8. When would my first payment be due?
  9. How are loan funds disbursed? (to you or the school?)
  10. What steps do I need to take to complete an application?
  11. How long does it take to process an application?
  12. Are there loan limits? Annual? Aggregate?
  13. Who is eligible for this loan?
  14. Do I need a cosigner?
  15. What deferment and forbearance options are available to me?

Download borrowing guide

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Topics: Borrowing for College