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08.14.07 Shop for a College Loan
MP3 Audio: 08.14.07 Shop for a College Loan (0.91mb) Download
By: David Bach visit website
Genre: personal finance/
Tags: investing, millionaire, personal finance, real estate
David Bach's Finish Rich Minute is brought to you by Wells Fargo Home Mortgage, a division of Wells Fargo Bank N.A., Equal Housing Lender and founding sponsor of The Great American Homeowner Challenge TM.
Hi, this is David Bach. The New York Times recently reported on a student loan investigation that revealed some surprising facts. Many lenders are awarding loans to students based on which college they attend and not on their actual credit worthiness. Colleges are categorized based on factors like graduation rates and history of alumni repayment. So a student attending a prestigious university may pay 8% for a loan, while a student with equal or better credit who attends a local community college may pay 11%. My tip today: Shop and compare rates from several lenders- and don't rely solely on the college's list of "preferred lenders." I'm David Bach. If you liked this tip, you'll love my free newsletter. You can subscribe at davidbach.com.
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