Student loans, particularly private ones, have been garnering significant attention in recent discussions. Amidst a flurry of unsettling narratives, we often encounter tales of borrowers submerged in overwhelming debt with seemingly no way out. However, it's crucial to recognize that these scenarios represent the exception rather than the rule.
Regrettably, such stories have also become a breeding ground for misinformation about private student loans. In this piece, we aim to dispel myths and provide you with accurate facts, empowering you to make informed choices regarding financing your college education.
Recent trends (available on BankRate.com) show the relative stability of the LIBOR and WSJ Prime rates. Huge upward or downward swings are rare. Longer-term, the interest rates may increase.
If you think you need to borrow to pay for college, borrow smart. First, look for money that doesn’t have to be repaid, like grants and scholarships. Then, consider federal student loans, and finally, private loans.
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