08 Jul Clark Howard: What to learn whenever borrowing from the bank to have college or university

ATLANTA, Georgia (CNN) -- Want to acquire to pay for a college degree to own on your own or your youngster? Be certain that you're taking my "Clark Smart" approach to borrowing.

Clark Howard: What you should learn whenever borrowing from the bank to own university

Clark Howard: In the event that a several-12 months school is too rates expensive, try a two-season institution at the a fraction of the purchase price

Backed Stafford finance is the solitary most useful source of currency your can be acquire. The interest is actually found because of the national -- thanks to your other taxpayers -- while you are at school as well as a six-few days grace period adopting the graduation.

Because the money enter payment, sponsored Stafford fund applied for within the 2009-10 school 12 months bring a predetermined interest rate of 5.6 per cent. The interest rate would be all the way down still during the 4.5 percent to possess financing originating from inside the second college or university seasons, as well as ways as a result of 3.cuatro per cent the coming year.

You can find, although not, limitations into the number you can borrow.