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Tens of thousands of high school seniors are receiving their college acceptance letters and financial aid award letters. This is a time for excitement and celebration, but it is also a time for caution and prudence. Don’t make the mistake of enrolling in a school that your family simply can’t afford, because a mistake like that can haunt you for decades to come.
Even a student’s dream school can quickly become a nightmare if financial aid isn’t forthcoming. When students are forced to take out thousands of dollars in student loans in order to attend their dream colleges, the hassles of arguing with lenders Wholesale Jerseys , tracking down missing loan disbursements, and making daily visits to the financial aid office and the bursars office soon overcome any joy the student might have felt upon arriving on campus. And even if the financial realities are ignored until graduation, they will be felt the moment student loan repayment begins.
C2 Education has provided a Financial Aid Primer for parents and students, which includes a ranking of the various student loans available. When loans are necessary Cheap MLB Jerseys , students should opt for federal student loans whenever possible. Unlike private student loans, federal loans offer lower interest rates and stronger borrower protections. Yet recent news indicates that even federal student loans carry significant risks and can become a daily nightmare for borrowers.
A Bloomberg news story recently highlighted the collections practices of the federal Department of Education. When borrowers default on private student loans, they can expect to be contacted by private collection agencies, who utilize a combination of veiled threats and belittling rhetoric to coerce people into making exorbitant monthly payments. One would think that the Department of Education wouldn’t resort to such tactics Cheap Jerseys China , but apparently they hire the very same private collection agencies to do their dirty work. These collection agencies routinely break federal laws by forcing borrowers to make hefty minimum payments, even when more lenient repayment plans are available.
It is important that students and parents learn to properly analyze financial aid awards from multiple colleges and to pay close attention to lending terms when student loans become necessary. But the most important lesson of all is for families to carefully consider their financial realities and avoid borrowing more than they can reasonably repay. Navigating the financial aid waters is a tricky business, and few families are prepared to make these decisions without help. Students should consult guidance counselors, financial aid officers Cheap Jerseys , and college admissions counselors in order to avoid excessive student loan debt. If these resources are unavailable at their public high schools, students should consider seeking outside help, such as the admissions counselors available at C2 Education .