<p>Hey guys! So I need about 30k in loans and am not sure about how to approach this. My math teacher recommended Sallie Mae. Do I just apply on the website to get the loan? Do you guys know of any other loans with lower interest rates? Thanks guys! </p>
<p>What loans are already in your FA pkg/</p>
<p>Sallie mae now requires a co-signer (not like the old days when your teacher was in college).</p>
<p>are your parents going to take these loans/</p>
<p>Do you need $30k for fall? or for all four years???</p>
<p>If you do need $30k in loan per year, you may really want to think it over.</p>
<p>@mom2collegekids </p>
<p>I have a federal perkins loan and a subsidized loan and an unsubsidized loan, but they only cover a little.my parents are willing to cosign these loans but we’re shopping around, looking to see if there is a better option. do you have any other suggestions? And I need $30k for one year. Thank you! 
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<p>Your math teacher should have done the math before encouraging you to take out $120,000 in loans! That’s a huge amount of money. As noted above, you will not be able to take out these loans on your own - your parents will either have to cosign for you or take out the loans themselves.</p>
<p>And be forewarned, just because your parents are approved for your freshman year does not necessarily mean they will be approved in subsequent years. You could very well end up with a huge amount of debt . . . and no way to finish your degree.</p>
<p>You may be in love with the school that admitted you, but this could be a very costly love affair!</p>
<p>You already HAVE the $5500 Direct Loan (total of your subsidized and unsubsidized loans) AND a Perkins Loan? And you need an ADDITIONAL $30,000?</p>
<p>Sorry, but this school does not sound affordable.</p>
<p>You are a teenager. You don’t know enough to take out loans of this magnitude. Talk to your parents on what they can afford to pay of that $30K from past and present income, like their savings and out of their budget. Look at your savings, start looking for a job for now and the summer. You are already loaned up. </p>
<p>Ask your parents if they can afford to take out $120K in loans for your college as you will need at least that as costs do go up each year. Do the math and find out what the payments will be for them. Be aware it will be on their credit reports. If you sign, it’ll be on yours too. Most likely the best deal is if they just take out PLUS on their own, but whatever they borrow, regardless of your intents and promises, they have to be able to pay it back. If you should die, become disabled, you don’t make it through college, don’t find a job that pays enough to do this. if anything happens, they are on the hook. If you cosign so are you. Better they are on their own with it since at least PLUS has some insurance in it. </p>
<p>You know what your parents make, you know what your EFC is. Use some common sense if your parents are not thinking clearly because they so want you to have what you want. </p>
<p>"“And I need $30k for one year. “””</p>
<p>???</p>
<p>how much do you need for the other three years.</p>
<p>I agree with other posters about the huge amount of debt. A current interest rate of 7.9% (look at <a href=“http://www.pin.ed.gov”>www.pin.ed.gov</a> for more specifics) also carries 4% loan fees.</p>
<p>Your parents may be thinking in smaller loan amounts and lower interest/fees.</p>
<p>You need to look at financial ‘safeties’. A student generally doesn’t ‘need’ $30,000 in loans per year - they may want to attend a pricey school but the debt will be a very heavy burden that you and your parents will regret.</p>