As most of you know…I have a 26 year old daughter and she informed me a few days ago that she wants to go back to school. She has already completed 2 years at a local community college but then took the past 2 1/2 years off since becoming a mother. Now that her daughter is a little older, she would like to go back to school again but wants to attend a private college. I think that is a really great idea!
Once she told me about her plans I got online to do some research on private college student loans so that we can try to find help for her to go back to school. I learned that there are basically 3 options when it comes to student loans.
1. Our children can get student loans where they immediately start paying back the interest in a low monthly payment so that they are paying more now, but paying less later when they are done with school and have to repay back the loan.
2. Our children can get student loans where they pay less now and over the coarse of the loan by agreeing to fixed repayments on the loan. This is a nice option for most people so that you always know what you have to pay back on a monthly basis. This is the option we are considering and leaning towards.
3. Our children can get student loans where they pay absolutely nothing now (no interest payments and no loan payments) which is called deferred payments and then once they obtain their education and get a job they would then start repaying back the loan. (some loans give you 3 months to get a job and others give you 6-12 months to get a job after you graduate before you start repaying the loan).
We have been doing a lot of research the past few days trying to Discover Education Loans and have been pleasantly surprised with all of the information on this topic that we found online. We found some great information over on the StudentLoans site that you will want to check out to learn even more about this topic.
I am really proud of my 26 year old daughter and her decision to go back to school to finish her education. I am also proud that she has chosen to attend a private college instead of going back to the local public community college again.