skip to Main Content

GET IN TOUCH

We want to help you find the best-fit college for your child at the lowest possible price for you. If you have questions or would like to schedule a free consultation, please fill out the form below and our team will be in touch with you within 2 business days. We can meet with you via phone, video conference or in person at our Naperville office, where we adhere to strict social distancing guidelines.

We can't wait to get started!

MCPT Inquiry
First
Last

CONNECT

OFFICES

Educational Consultants
1001 Ogden Ave.
Suite 204
Downers Grove, IL

Financial Consultants
1717 North Naper Blvd
Suite 200
Naperville, IL

GET OUR NEWSLETTER!

Subscribe to our weekly email newsletter to get the latest college-planning updates, including information about scholarships, coronavirus-related annoucements, financial aid tips and more.

Student loans

Even with scholarships, grants and work-study, many students and families still need to take out student loans to pay for college. Here’s an overview of your options and our recommendations.

Federal student loans

When it comes to student loans, we recommend that students take out federal student loans, which may be called Direct Loans or Stafford Loans. These loans may be subsidized or unsubsidized.

However, there are limits on the amount of federal student loan dollars that students can take out. If students reach their borrowing limits and still have a gap in their college funding plan, families may need to consider federal parent PLUS loans.

Private student loans

Since federal loans have a ceiling on the amount that can be borrowed by the student, private student loans are an alternative way to fill in gaps in a student’s college funding package.

Unlike federal student loans, private student loans are credit-based, which means they require a credit check. Since college freshmen typically don’t have the credit history required to qualify, they typically need a parent or other responsible adult to be a co-signer.

Student loan refinancing

Students who have existing education loans may be able to refinance them in order to get a lower interest rate.

NOTE: Student loan refinancing is a process done through private lenders. If you refinance federal student loans, they become private loans and they’re no longer eligible for federal loan benefits including income-driven repayment and forgiveness programs.

Private parent loans

For parents who have decided against turning to Parent Plus Loans to help pay for college, private parent loans are an alternative way to help fill the gaps in their college funding package.

Unlike federal parent loans, private loans do take the parent’s income to debt ratio into consideration to determine qualification for the loan.

Mortgage loans and mortgage loan refinancing

Parent may also turn to home mortgage loans or mortgage loan refinancing to help pay for college.  These loans are only available as an alternative way to pay for college and are often available at a lower interest rate. 

Since multiple lenders offer private student loans and student loan refinancing, the best way to find the lowest possible rate is to compare offers across lenders. We recommend Credible, which is a tool that helps you get multiple rate offers without affecting your credit. Get started by clicking on the buttons above.

Back To Top
×Close search
Search