Not all loans are equal. Do your research before the award letter arrives. Know the difference between government and private loans, subsidized and unsubsidized, and parent loans. Look at the interest rates and repayment rates using a repayment calculator. Remember that after graduation, your student will need to start repaying the loans. If their projected salary won’t cover the loan payments, consider that when evaluating the offers.
The decision on which college to attend should be heavily weighted by the financial responsibility. However, there are often other factors to consider that could be considered in the final decision. As with any large purchase, take your time to evaluate the educational value of each college. If you haven’t done so earlier in the process, you can use the recently created College Scorecard to gather that information.
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