Other Loans and Credit Cards

It is possible for you to borrow money based upon your personal family situation and choices. For example, you or your parent may be able to borrow money by using the equity in your family's home. Some banks advertise the availability of education loans of this type.

Your college may have an emergency loan program by which you may borrow a small amount for a short period of time, until financial aid arrives, or for an unexpected emergency.

Many students have credit cards, and they are essential for many things, such as making travel arrangements. It may be possible to borrow money by charging purchases on a credit card, including textbooks or supplies. Use credit cards sparingly and guard against spending sprees. Pay off credit card balances every few months. Your future lifestyle depends on it. That $10 pizza, added to other charges, could cost you over $30 when paying overtime on a credit card!

If you determine that you will need loans to finance your education, we recommend first looking at the federal loans for which you may be eligible. Using other means such as credit cards is a risky alternative and you should understand the consequences before taking this path.


 
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