There are quite a few sharks out there. That’s why it’s important to learn how to safely borrow money for college and avoid predatory lenders. Your first step will be to apply for as many grants and scholarships as possible. Grants are available at the federal, state, and collegelevel. Even Ivy League schools can be generous. Pro Tip - Try not to get married to the idea of going to a particular college or university until your offers come back. 

You may like the idea of going to Duke University but, without being offered a free ride or close to it, you’re looking at an annual student loan of up to $100,000. Currently, tuition alone at Duke is over $73,000. Upon graduating, you will be faced with astronomical debt. Instead, apply for grants and scholarships at the most generous institutions and then make your selection based on which school gives you the best deal. 

Very few college students are offered a free ride. When you are ready to apply for a student loan, avoid the companies with the worst reviews and only consider working with the best. The highest rated company to date is College Ave. Borrowers and financial publications like U.S. News and Money rank it as excellent for their application process, customization, and repayment terms. 

Sallie Mae has come a long way as well. Anyone over the age of 50 reading that comment may eyeroll over the thought of the company doing good things for students. But back when we financed college through Sallie Mae it was government-sponsored and had a bad reputation. Today, it’s a private financial institution striving to be competitive. “Sallie Mae 2.0” is known for being tech-driven, flexible, and fair. 

At Alloy Wealth, we are passionate about financial education and help people navigate through complex future planning decisions every day. Learning how to safely borrow money for college can be complex! Call us at 800-689-3935.