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

Average class size is 17 students.

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Upcoming Events
Oct26
Reformation Day Service
Metheney Fieldhouse 6:30 p.m.

Nov01
Geneva Alumni & Friends visit "Annie" at The Benedum
Benedum Center, Pittsburgh 2:00 p.m.

STUDENTS
Geneva partners with Zipcar to offer car sharing
New program provides students a cost effective and sustainable alternative to car ownership on campus.
SERVICE
Service opportunities in Beaver Falls
Students can work with Tiger Pause and the Dare2XL programs.
CURRENT STUDENTS
Branches on campus
The Christian indie/folk band is kicking off the Three Past Three program on October 23.
COMMUNITY
Living in Color: Steppin’ Up—Moving from Theory to Action
The conference, which focuses on getting involved in multicultural issues, will be held Nov. 7-8.
GRADUATE PROGRAMS
MBA program to host Open House
An information session that includes a complementary dinner will be held at the Cranberry Regional Learning Alliance on Tue., Oct. 28.