| | Cosigning Tips: Before You Agree to Sign on the Dotted Line
No parent wants to deprive their child of the opportunity to attend their school of choice, and for many, cosigning a student loan is the only viable path to achieving that.
BUT, yes, there IS a "but," there are things every potential cosigner should know before signing on, as they can impact future financial issues for everyone involved.
Accepting that responsibility should not be taken lightly, and knowing the pros of cons of cosigning is crucial.
|
| | | R2C Community Story: Ways to Pay for College
We are so proud of our Road2College community: Among other things, for their knowledge, and their enthusiasm in sharing that knowledge with others.
Sabrina Malone is a mom of six who has had four in college at once--yes, you heard that right--so she has lots of great advice to impart and pay forward.
Here, she discusses ways to pay for college.
Do you know anyone who's interested in hearing about that? (We think you do!)
|
| | |
More Thoughts on Loans: Research, Shop, and Compare
The first order of business:
Make sure your student ALWAYS maxes out the federal student loans.
If you still need more, you'll want to compare private student loan rates to the Parent PLUS loan, which is 6.28% plus a 4.228% origination fee, equaling an APR of 7.25% (the interest rate to compare private loans rates to).
Still need more $$$?
Follow our steps (above) for shopping for rates of private student loans.
You can check with Credible, a marketplace that makes it easier to get rates from multiple lenders, but not all lenders are represented, so also go directly to lender sites.
LENDER I VARIABLE RATES (APR)
*Variable rates as of July 20, 2021. Rates are based on automatic payment discounts of 0.25 percentage points.
And last, but certainly not least...
After shopping around and before you commit to a lender, check Juno to see if they can beat your lowest rate. They've negotiated better rates based on giving the "winning" lender higher volume. |
| | | My goal is to provide affordable services, insightful information and a support system so your family can make more informed decisions about college.
Feel free to respond to this email with any questions you have. |
| | Debbie Schwartz Founder, Road2College I'm a parent, like many of you, navigating college admissions and paying for college. With an expertise in personal finance, analysis, and marketing, I'm working to give families the information and tools to make smarter financial college decisions. |
| | Road2College may receive affiliate compensation on items purchased through our links.
|
| |
|
