<p>When it's time to take out loans, the first place to go is a federal Stafford correct?</p>
<p>We don't necessarily need loans this year but if we paid everything out of pocket, will need more than the yearly max from Stafford next year, so we thought we should go ahead and take a Stafford loan this year. This a rational train of thought?</p>
<p>Yes, and obviously the “subsidized” Stafford would be the first choice.</p>
<p>Right, don’t think I’m eligible but understood. Basically all I needed to know, thanks.</p>
<p>Understand too that there is a 1% origination fee. Also that the loan gets disbursed to the college, not to you.</p>
<p>Yes the loan gets disbursed to the college, but if you have a surplus in your bursar’s account at the end of the term or year, you can either request a refund or have this kept in the account for the subsequent year.</p>
<p>Pancaked, what school is your child attending?</p>
<p>They may accept CLEP Exams.</p>
<p>If you’re not familiar with CLEP Tests here’s a good YouTube Video that explains it more -> <a href=“CLEP | What is the CLEP Tests? 5 Reasons Why CLEP! | CLEP Review 1/4 - YouTube”>CLEP | What is the CLEP Tests? 5 Reasons Why CLEP! | CLEP Review 1/4 - YouTube;
<p>In short, CLEP is an easy way to earn college credit by testing out of college classes saving you both time and money!</p>
<p>While this won’t solve your short term problem of having enough money to cover your semester tuition. It will solve your long term problem of not having enough loan money to earn your Bachelors!</p>
<p>You can find out if your child’s college accept CLEP by going to the school’s website and searching for CLEP.</p>
<p>Good Luck,</p>
<p>Madison</p>
<p>It seems CLEP is getting really desperate…</p>