Your older sister, Anna is trying to figure out how she's going to pay for college in the Fall. Anna is going over her options with you one night and she narrows it down to either putting her college education on your parents’ credit card or taking out a student loan. Which one would you suggest and why?

They should take a student loan it less risky cause you will need to pay way more money if you do a credit card but a student loan they make a price and keep it that way till you pay them

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Tutorconsortium311 Tutorconsortium311 · Answer 2 · 2022-07-05T17:05:38+02:00

They should take out a student loan since it is less dangerous than using a credit card, which requires more higher payments. With a student loan, the price is set up front and remains that way until you pay the lender.

What is the cheapest way to get a student loan?

Among undergraduate and graduate student loan options, federal direct subsidized loans are the cheapest and most flexible.
Only undergraduate borrowers with financial need as determined by the information in the Free Application for Federal Student Aid, or FAFSA can get subsidized loans.

How much can I get in a student loan?

If you are an undergraduate student, the maximum amount you can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your dependency status.

What type of student loan should I get?

If you're unsure what type of loan to choose, a good rule of thumb is to pick one that offers a low interest rate, multiple repayment options and borrower protections.
A federal direct loan checks all of those boxes and is a good place to start.

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