should we take a stafford loan?

Hiyas!

What type of Stafford loan is it? If he is eligible for a Subsidized, then that is better than Unsub. Sub has no interest while Unsub does. If you are looking at different Stafford loan types, Sub is the way to go.

But to be honest, if you have to choose getting loans and not getting loans, not having loans is the way to go. If you are wanting to build your sons credit up, add him to your credit card so he can build a cc score and have good credit in the long run. Once you start getting loans and owing the gov’t, it really seems like it never ends.

Hope that helps.

You don’t have to apply for a loan at the beginning of the school year. I believe it only takes a few weeks for a loan check to be sent so you can apply at any time of the year. It sounds like your son has enough money to fund his education. If he were to get more money, then he might be less inclined to stick with a budget and eat out more than he should. Try having him keep to a budget the first semester and see how his finances are at the end of the semester and go from there. If at all possible, try to postpone getting in debt the first years of school.

He should never take out a loan unless he has no other way to pay for his education. I would never say to accept a loan just because you are eligible for it, because that means more money he’ll have to pay back after graduation. He should only take it if he has no other way to pay for college.

If you really don’t want him to take the loan, have you thought of getting a Federal Plus Loan? These are government-based loans to parents that are offered to students regardless of their financial need. Find out more here:

http://www.studentfinancedomain.com/student_loans/federal_plus_loans.aspx

You need to decide if you want to help your son throughout his entire college career, or if you want him to learn financial independence starting now by letting him take out a student loan on his own.

My suggestion is: Take each and every thing the government (FAFSA) provides you with, a minimum of till you have enought. in any respect expenses stay away from loans from inner maximum agencies. And positioned discern loans as a final motel. All government loans are nicely-known for being low-interest.

If a student loan is not needed, then you can forgo it. Some parents and/or families who can pay for their child to go to college still have that child take out a student loan so that s/he can start establishing credit.

if he can already pay for his education by other means then no. however nothing should stop him from obtaining his education. some time you have to borrow. I’ll have to borrow 144,000 dollars to fund my medical school education but it is worth it.