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Where is the best place to get a student loan?

Submitted by ShannonOBrien on Sun, 02/08/2009 - 00:41

Daily Paul Liberty Forum

One of my friends wants to go to school to become an elementary school teacher and asked me this question. What should I tell her?

The Gubbinment...

Submitted by GunTrapTanDaddy on Sun, 02/08/2009 - 02:02. Permalink

they have the lowest rates, and hey, if you default, you get bailed out by the rest of us. Doesn't get any better than that!

while education is incredibly important...

Submitted by rpjayhawk on Sun, 02/08/2009 - 01:48. Permalink

I would never encourage anyone to go in debt for an education. If you can come across some grants or scholarships through FAFSA or private foundations, then I would save up and cash flow your school.

I say this because I am 31 years old, and I still owe over 35,000 for a degree I received 9 years ago. That debt is such a burden, especially when that amount of debt is more than I bring home in income each year.

Most teachers don't make more than 30k per year. So if you take out thousands of dollars in loans for a 30 thousand dollar job, then you are going to be paying that off until you are 60. It's not fiscally smart. You are better off going slow and taking longer to get the degree, but cash flowing it through work, savings, scholarships, and grants.

If I could do it all over again, that's what I would do.

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Student Loans

Submitted by Americana on Sun, 02/08/2009 - 00:49. Permalink

are too easy to get and then you have the option to borrow more than you actually need. School districts aren't the only ones that need teachers, indian reservations do as well. I know that there are some loan repayment programs to get teachers into rural areas, but taking out credit as we all know is something to avoid at all costs. Is she eligible for grants?

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As far as grants, I don't

Submitted by ShannonOBrien on Sun, 02/08/2009 - 00:59. Permalink

As far as grants, I don't know much about grants. How do they work and how would she know if she were eligible? There is a program at Western University that has branches at various community colleges here so that she will not have to move from her hometown. Will that affect her ability to get these grants and scholarships?
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"We will never give up. We will never give in." - Dr. Ron Paul

Federal grants (while you

Submitted by Americana on Sun, 02/08/2009 - 01:09. Permalink

Federal grants (while you can still get them) are applied for through the FAFSA website. She needs her tax and income information to apply. If this is her first attempt at a bachelors degree, and if her income is on the lower end, she will be eligible for these grants. This is also the same site that will qualify her for a loan. But as some of us have posted try to get the grant first. Also some states will have additional monies attached to the FAFSA app for those in teaching programs. Has she already been accepted to an education program? The school's financial aid office is also a good place to find out about opportunities to get her education paid for. Fastweb is also a really good site, they send updates to your email on a regular basis. http://www.fastweb.com/

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Family and friends

Submitted by FreedomFighter on Sun, 02/08/2009 - 00:48. Permalink

who have an interest in her success should be the first place to borrow money from. She will generally get better rate with flexible repayment terms. Otherwise tell her to get grants or a scholarship. If she doesn't have the grades for a scholarship should she really be a teacher? Sorry so harsh.