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How to pay for colleges in the U.S.
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I never had the time or heart to finish the last part of my Blog on college counseling. Compare to my friends and colleagues who work and live in China, I am relatively poor. So, I am looking into how to obtain the best loan for my son's four-year college expenses.
Here is some professional advice I read recently:
1) The first borrowing should be by the child through a federal Stafford loan. However, there is a maximum, which is currently $5,500/yr for freshmen.
2) If the Stafford loan is not enough, parents are advised to look into a federal PLUS loan.
3) If the parents are turned down for a PLUS loan, the student is allowed to borrow more through the Stafford program.
Very interesting, this personal-finance adviser for Costco tells the parents: "... not to borrow a penny for your child's education."
https://blog.sciencenet.cn/blog-306792-377248.html
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