Financial Aid problem: Help me Decide; I’m stuck! Intelligent answers are appreciated!?
I am trying to decide between two very good schools that have accepted me. Problem is for the one that I really like to go to, I have to take out private loans of about 60K for two years. The last two years I can qualify for a complete coverage under federal loans.
The other school, for all four years, I can qualify for federal loans.
The other difference between the two is schools is that one that I want to go to will cost 8k more in all four 4 years (which I guess shouldn’t be a big deal)
I’m a bit worried about taking out private loans because of the repayments. So, I need some guidance from knowledgable people. Thank you!
to add more details, I got accepted to get my doctorate of pharmacy program at two institutions that rank among the top 10 in the US…
Ok. If I were you, I would go to the one that is less expensive, because the interest rates on private loans could be very high! If you completed your fafsa, and got a loe EFC then you will qualify for federal grants and loan. Student loans don’t have a high interest rate. If you are qualified for a subsidized stafford loan, then I suggest you accept it because the government pays for your interest while you are in school. An unsubsidized stafford loan has a fixed interest rate of like 6.8%, and the government does not pay the interest. Only low income students qualify for the subsidized loan, but anyone can get the unsubsidized loan, no matter what their financial situation is!
Well I hope my answer is intelligent enough for you! Good luck at which ever college you choose!!!
