<p>I agree with those who say don’t borrow now. I do NOT recommend taking out loans this year. That makes no sense. If you think you will need $15,000 for the last year, there is plenty of time to save that amount over three years. Squirrel away a bit here & there … cut back wherever you can … have your child work in the summer … buy books used whenever possible … sell textbooks when done with them. You will be surprised how much you can save over the three years. When the time comes, you will know in advance how much you need. Since juniors and seniors can borrow $7500 unsub loan per year, that is $15,000 right there. Borrow the money as late in junior year as possible in order to minimize interest. </p>
<p>It isn’t wise to borrow money when you don’t need to do so. It is especially unwise to borrow unsub loans if you don’t need them. 6.8% interest adds up!!</p>