June 17th, 2007
Student Loans
Andy and I both went to college. He was the lucky one and went to a college where his father worked, so he got to go to a private college for free. On the other hand, I had to pay for college with a little help from my parents. I needed help paying for school, so I did what most college students do, I had to get a Parent plus loan.
I would not have been able to pay for college without financial aid. I worked from the age I was 16, but I did not have enough money to pay for 4 years of state college. Financial aid is a great thing for the middle class. It gives those who could not otherwise pay for college a chance. The Parent Plus loan is the best because it is not income sensitive. Anyone can get it even if your parents are rich, but not helping you with college. I know some friends that could not get loans because their parents made too much.
I do have 30 years to pay it back, with a very low interest rate. I encourage those who can apply for it, do. The best thing to do is to consolidate your loans once you graduate. I did that and lowered my payments.
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