US Student Loans
by Waller Jamison
What are Student Loans? Student loans are loans, provided by
the government or private institution, which have low interest rates and are offered to cover college
Students can take out loans themselves and if they are still
dependent on their parents, specialized parent loans are also available.
The majority of students will need to take out a loan in
order to be able to fund their college education. On average, students in the US borrow around $18,000 and
considerably more on certain courses.
In addition, around one in ten parents also take out a loan
to help their children through college.
Graduate loans are also on the increase and most graduate
students borrow considerably more, with graduate loans often reaching figures between $30,000 and $100,000. So a
college education is not cheap and student loans are big business. It is advisable to do plenty of research before
deciding which loans are right for you or your children.
Some Important Considerations when Taking Out a
Choosing the right course is critical - that is, one you
enjoy, will do well at and which will help you get a job when you graduate. Although you can't guarantee that every
decision you make will be ideal, you can increase the likelihood of success by carefully considering your
It's bad enough to hate your course, flunk your exams or drop
out without having a mountain of debt to worry about as well. Is your course worth getting into debt for? In most
cases, the answer will be yes.
Are you getting the best low interest rates student loans
available? Some companies offer discounts and other incentives. So make sure you find a loan option which works for
What are the loan repayment options? You need to make sure
these are as flexible as possible, just in case any unforeseen problems crop up. Are there opportunities for loan
forgiveness if you find that you can't get a job?