 Quote:
Originally Posted by jazz4cash
Two of our three children will be in college for the next two years so I have been looking at various options to cover the college account shortfall. I have plenty of bruises from the last 6 years of FAFSA, PLUS, Stafford, etc., etc. and the private loan option is looking pretty good thanks to Penfed Credit Union: - 7.99 Fixed
- 25k maximum
- 10 yr term (or less)
- Loan disbursed to borrower and can be used for any school related expense.
The gov't PLUS loan rate is currently 8.5%, but then I would have a seperate loan for each child with the possibility of consolidating (for a fee). Lots of fees and other nonsense with these programs.
I applied online at Penfed and got approved in <24 hrs. They did not even ask any details about the students or schools. For all they know, the loan is for one student. I suppose the loan limit could be per student, but I don't need the max loan amount. |
My understanding is that FAFSA has to be filled out for each student getting ready to attend college regardless of the method of student loan/financing option. I am in the process of sending my last child through college and our experience with Stafford loans have been nothing but pleasant!
Mike
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