best type of loans for EFC above the cost of attending?

Paying for College
1

<p>Hi my parents EFC is above the cost of attending the university and I did not receive any financial aid except loans.</p>

<p>Other than scholarships, I did not receive any grants.</p>

<p>The school offered me two type of loans:
Federal Unsubsidized Stafford Loan - $3,500
Federal Parent PLUS Loan - $20,476</p>

<p>This is for a whole 1 year in school.</p>

<p>I am unsure if I should accept the Parent PLUS loan since I have to pay back with a high interest rate.</p>

<p>I am looking for any type of loans that I can pay after I graduate rather than paying while in school.</p>

<p>Are there any other good alternatives I should take or recommended?</p>

<p>What are the pros and cons of the Parent PLUS loans and loans that you don't have to pay after you graduate (i.e. Citi Bank)</p>

2

<p>I’m guessing any private lender is going to tack on an interest rate comparable to the PLUS loan. Simply put no one is going to lend you 80 grand unless something’s in it for them.</p>

3

<p>You can accept the Parent Plus loan as part of your finaid package, but it is a parent loan, in their names and they will have to agree to it, and sign for it.</p>

4

<p>And I guess a loan may be worthwhile to your parents instead of paying cash to the tune of $20k a year. Must look at the returns on their investments.</p>