Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I owe a balance of $6000 for the semester, but I must borrow all of it. What are my options for payment?

April 26, 2017Balance borrow Options payment semester

0

Posted

I owe a balance of $6000 for the semester, but I must borrow all of it. What are my options for payment?

1 Answer

0

Posted

• Answer. First, we recommend you apply for a low interest student loan. If your parents are willing to help, we suggest you start with the Parent PLUS loan. If the loan company approves your parents’ request, the interest rate is locked at 8.5%. Repayment on the PLUS loan begins shortly after receipt. • Some parents don’t apply for a PLUS loan because they know the loan will be denied. This denial works to the student’s advantage, however. If the parent is denied, the student automatically gets an additional $4000 (freshmen and sophomores) or $5000(juniors or seniors) in an unsubsidized Stafford loan • A second alternative is a Private Educational Loan. The student is the principal borrower here, but must have a person with good credit co-sign the loan. • To find out more information on these loans or to select a lender, please visit our recommended lender list.