College Admissions Forum

[pahern15]

Ok so I leave for college in about a month, but I need information on student loans. I need about $10,000 in loans, but I don't know the difference between all of these loan options. Please help

[edvadmin]

Hello,

First, you want to take out federal loans. These loans - both subsidized and unsubsidized - will offer fixed interest interest rates. After you have taken out all of the federal loans that you qualify for, you next want to look towards private student loans. You can take out private student loans up to the cost of your education, minus scholarships and federal loans. However, private student loans have an interest rate that is based off of your credit score and the Prime or LIBOR rate, and thus, your interest rate will fluctuate. For more information, please see our overview on private student loans: http://www.privatestudentloans.com/overview.php