Private College Student Loan

Should I take out a private student loan to pay for college?

Public Comments

1. Yes. That's how I'm paying for my college!
2. Your school may recommend who to use to take out a loan with. My school uses Direct Loan and that is how I'm getting through college. It is worth it in the end if you come out with a degree.
3. If you have to and you think you'll be able to pay it back. Look into loans like direct loans (if your school has them) first and any grants or scholarships (that don't have to be repaid). If possible, see if you can work a few hours a week (especially if your school has federal work study). Also, you might be able to cut down on expenses (can you buy books cheaper from someone else or online instead of the bookstore?) If these don't work out (or if you do all of these things and still need more money) private loans might be a good option.
4. No. Take it from someone who has been trying to pay off their school loans for over 10 years. I searched and found an article about most students drowning in debt they can't pay back: http://seattletimes.nwsource.com/html/localnews/2008228780_loansmain05m1.html Consider the average cost of a college education these days and what you plan to major in. Will there be a job for you when you get out? What if you get laid off and go into default on the loan? A college education is not worth what it used to be. Most people I know making lots of money in the computer industry never went to college. Unless you're going to be a doctor or a lawyer... it might not be worth the investment.