<p>I have a question to ask, I am planning to talk to a financial advisor next week about it, but I figured I would post on here and see what the general experience was.</p>
<p>Basically, when you take out a certified student loan, does it matter when you take it out? For example I start near the end of August, should I be applying for the loan now? or should I be waiting until it is closer to the start of the semester and scholarships and everything else has been allocated?</p>
<p>I am just curious because I imagine with a certified loan the college is in contact with the lender so it wouldn't matter when you apply for it.</p>
<p>Thank you and I hope everyone has an enjoyable memorial day weekend!</p>
<p>Late June or early July is a good time. That gives plenty of time for the loan to be approved, all the documents signed, and the lender to notify the college. Once everything is settled with the lender, it doesn’t hurt to call the school just to make sure they have everything they need.</p>
<p>Subsidized Stafford loans are the single best source of money you can borrow.
The interest is picked up by taxpayers while you’re in school. </p>
<p>Once you exhaust your subsidized Stafford stockpile, you want to move on to unsubsidized Stafford loans. </p>
<p>As a third option, parents can take out PLUS loans.</p>
<p>One category of loans to avoid is private student loans.</p>
<p>Finally, remember the consumer champ’s rule of thumb when it comes to determining what level of borrowing you can comfortably handle: Do not take on loans that exceed the likely first-year earnings in your field.</p>
<p>Aspir3, what is your situation? I am guessing you are an older student, based on your post. Are you returning for a grad degree, or are you getting a first bachelors degree? If you can post a little more info that helps us understand your situation, maybe we can give you important info that can minimize your need to borrow private loans.</p>
<p>We skipped parent plus loans and went right to the direct loan. That way, after two years, we are off the hook for our daughters’ educations. We’ve been helping the older kid while she’s been underemployed, but now that she finally has a decent job, the mailing address for the loans we’ve been paying is being changed!</p>