Geneva College

 

 

Comparing Loans

Private Educational Loans and Direct PLUS Loans should be considered as a last resort, but may be necessary to finance a college education. To learn more about these options, please review the comparison chart and the suggestions below.

Private v. Direct PLUS Loan Comparison Chart

Should I Borrow a Private Loan or Federal Loan?

Regardless of which option you choose, please follow these guidelines:

  • Apply early! Loans can take several weeks to process and disburse. (If you need assistance estimating your account balance, just let us know.)
  • Apply for the amount you’ll need for the entire year! This will ensure that you are credit approved for the full year and don’t need to worry about a future credit check. (The loan will generally disburse in two equal disbursements for Fall and Spring but we can always reduce or cancel part of the loan at a later date.)
  • Work on improving your credit history (student, parent, and/or co-signer). The suggestions at www.myfico.com may be helpful. The better your credit score, the lower your interest rate will be.
  • Consider making payments while the student is enrolled, rather than deferring payment. Choosing to make payment while in school will:
    • Help establish the student’s credit history earlier (on private loans)
    • Avoid interest capitalization
    • Get a lower interest rate from most lenders (on private loans)
    • Take advantage of any auto-debit discounts immediately, if offered by lender (on private loans)

To choose the best loan option for your family, there are several things to consider:

  • Who do you want to be the borrower?
  • Do you have a creditworthy co-signer?
  • Do you or your parents have good credit?
  • What is the total cost of repayment?
  • How will the student loan fit into your overall financial picture?
  • Does the loan come with forgiveness benefits for death or disability?
  • Does the loan offer a co-signer release option?

When comparing the cost of student loans, be sure to ask:

  • What is the interest rate? Is it variable or fixed?
  • Are there any loan fees?
  • Are there any loan discounts? (for auto debit or graduation)
  • What will the monthly payment be upon graduation?
  • What is the repayment term? What if I experience economic hardship?

The calculators at www.finaid.org may also help you compare the cost of Private and Direct PLUS Loans. If you have good credit history, a private loan may cost less than a federal student loan- be sure to consider all of your options and compare carefully!

 

For helpful loan repayment calculators and other helpful resources, visit:

www.geneva.edu/object/financial_literacy.


 

Point of Excellence

Geneva provides the versatility for accounting students to meet all the requirements for the new CPA licensure exam either as part of their bachelor’s degree or their master’s degree.

more points >>
 
Upcoming Events
Aug25
Fall Semester Begins
The Fall semester of the 2014-2015 school year begins.
 8:00 a.m.

Aug29
MSOL at PNC Park
 7:05 p.m.

ABOUT GENEVA
Geneva College named a College of Distinction
National college guide honors distinctive educational excellence
ABOUT GENEVA
Geneva College announces 5% budget cuts
Commitment to stewardship helps keep a Geneva College education affordable.
PUBLICATIONS
July issue of @Geneva
Read about Proactive Stewardship.
COMMUNITY EVENTS
Beaver Falls Community Crime Watch Day
On Sat., Aug 2, this popular annual event kicks off in a new way.
PUBLICATIONS
June issue of @Geneva
Read about chemistry program grants.