Question:I'm a sophomore in college, and as of now, I have $20,000 in private loans. Now, once I become a junior/senior, I will get up to $10,500 each year in federal loans. Should I just use the federal loans to start paying off my ridiculously high interest rate private loans? After all, most of the federal loans will be subsidized, and by the time I graduate, I will have about $27,000 in federal loans, and maybe only a couple of thousand in private loans if I use this method of paying them off. I'll consolidate the federal loans together, and pay off the private loans ASAP(again, should only be $2000-$3500 if my calculations are correct.
Answers:
I would say that your idea is a good one. You should talk this over with someone at the financial aid office at your school. They could crunch the numbers, find any loopholes, etc. Good luck!
This article contents is post by this website user, EduQnA.com doesn't promise its accuracy.
More Questions & Answers...
I am a social work major at a private college where can I find good scholarships?
Educational opportunity programs?
Could insurance settlement affect financial aid?
10 POINTS!! i need a good way to fundraise money?
What type of letter can I write to my college financial aid dept for?
Have anyone out there done any college couses online?
How long does financial aid last?
I am poor student,if i get in top 100 in aieee 2008,will any bank give edu loan,i can't give any security ?