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It is a reality in today’s world that many college students have to take out student loans to pay for an education. Roughly 7 in 10 college graduates have some loans with the balance being over $37,000 according to student loan expert Mark Kantrowitz. Delinquencies and default rates on student loans are some of the highest for consumer debt. Student loans can be scary, but with proactive planning before attending college an affordable plan can be determined to reach your goals.
LoanMajor’s calculators use the different types of student loans to help estimate how much debt a student will have after completing the degree. The student can then compare potential starting salaries based on major to see if the estimated student loan debt of attending a specific college will be affordable after graduation.
Stafford loans are either subsidized or unsubsidized and have low interest rates and origination fees. They are an excellent way to help pay for college.
Perkins loans are subsidized loans that are generally offered to those with significant financial need. They have a reasonable interest rate and no origination fees.
Plus loans are federal loans that are available to parents of dependent undergraduate students and students in graduate programs. They have a high origination fee and moderate interest rates.
Private loans are often the most expensive way to borrow for college. They are not issued by the federal government and have high interest rates. These should be used to pay for college after lower interest rate loans are taken advantage of.