Reaching out across the Web .. ...分享 Zuojun Yu, physical oceanographer, freelance English editor


How to pay for colleges in the U.S.

已有 2266 次阅读 2010-10-26 11:38 |个人分类:Education|系统分类:海外观察| college, tuition, federal, loan

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."

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