When it comes to college, what types of student loans are right for you?
Borrowing for college is a long-term investment, one that will ultimately pay a lifetime of dividends. It is important, however, to educate yourself on the options available to you so that you do not end up down the road with more education expense than you planned for.
Federal loans are the largest source of education loans. While these loans typically have borrowing limits, they offer the most attractive terms-lower interest rates, the possibility of having interest subsidized by the federal government while the borrower is in school, the ability to postpone making payments, longer repayment terms and less stringent credit requirements.
Keep in mind, some lenders offer benefits in the form of fee or interest-rate reductions. Sallie Mae, for example, will pay the origination fee on a borrower’s behalf for loans taken out next year. Zero origination fees provide students more money up front, so that students who borrow to pay for college have more money to cover education expenses, with each borrowed dollar directed toward education and not interest. On top of the zero...
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