John G.

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Does it make sense to borrow money without getting a student loan?

The financial aid package for my graduate program includes only direct unsubsidized graduate loans. These loans have high interest rates and bad conditions. My tuition is very expensive and I am not receiving enough scholarship money to cover tuition, even if I get a high-paying part-time job.

My parents have offered to cover some of the tuition by taking a loan through our bank, so that I do not have to take out so much in student loans. Does this make sense? Or do student loans come with special conditions or protections that regular loans don't have?

#tuition #money #student-loans #loans #money-management #debt #college #financial-aid

1 answer

First, it's great thay you've decided to go to college. Congratulations!


Student loans do come with special conditions that benefit you as a student. For example, some loans do not accrue interest until you've graduated. This can work in your favor if you have the financial resources to repay as you go. Most bank loans do not work in this way.


I definitely would encourage you to speak with a financial advisor. I wish someone would have told me to do this. It is a small cost for invaluable information that is customized to you.


All the best and congratulations again!

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