students loans...

[tupacboy]

which ones are the best?... my friend is at her last semester at harvard and needs a loan... i never got one... so i need help... the only one i know about is the stafford loan?... basically my questions are which loans offer the best rates without a prepayment penalty... thanks again...

[welfareloser]

have you filled out a fafsa? after you do that, you will get information on what you qualify for... they will lay out very plainly what you're gettin and the differences between the different types of loans. how much of each type of loan you can get depends on what kind of degree your getting, your income, and your parents' income (even if you are 40 years old and married with kids of your own in college.) for example, i needed to borrow 25,000 for my 1st year of dental school - i got 8500 (about 5% interest) in subsidized and the rest in unsubsidized loans (about 8% interest.)

[attgig]

geez, i'm worrying about repaying them right now!

there's one type (forget the name), where it's under your own name, instead of having the parents with u on the paper. That has REALLY low rates....but from my 4 years, i never got over 1k of that type.

Stafford loans will get you the most...
and I received something in the mail recently saying if i had so and so much money on loans, I can consolidate them with the govt and getting the low interest rates that are going on right now...
i didn't quite have that much $$ with loans...but i think the current % is like 5ish percent....awesome rate..

just fill out the fafsa (http://www.fafsa.ed.gov/) and see what they give you...

and there are ALWAYS weirdo scholarships that random places are willing to give you....so look around...you might be able to get a K here and a K there....they can add up...

[Jihforce]

...what are student loans??:confused:
I'm kidding. I know those are a pain. One of my friends owes like 100k right now...sick, I tell you, sick! School is run by the devil I tell ya!

[jujubees]

Since it's your friend's last semester, I can't really see either loan causing great financial damage.

My general advice to students is to stay away from UNSUBSIDIZED loans! They start charging interest immediately, while you're still in school (not a prob for your friend, but aeons when you're a frosh). Also stay away from PLUS loans (the parent loans that attgig was referring to) because your parents are responsible for the amount ... unless your 'rents are rolling in it, in which case ... uhhh, I hate you.

:love2: SUBSIDIZED loans, on the other hand, are your friend. They remain interest-free while you're enrolled at least half-time, during any periods of authorized deferment, AND during those six blissful months between graduation and getting situated.