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Should You Borrow To Attend College Online?
Financial Aid  >  Consumer's Guide to Student Loans
By GetEducated.com Consumer Reporting Team  |  January 22, 2009   
 
Ivan Sanchez is two months behind on his student loan repayments. He owes $1,400, and soon will owe nearly $2,000. He has a new baby—his third—at home, and just $300 in the bank.
Five years ago, Sanchez earned an online associate degree in networking and security from EPCI College of Technology plus an online bachelor’s degree in management from the University of Phoenix Online, in hopes of advancing his IT career. While his employer chipped in $15,000, Sanchez was left owing $45,000.
Sanchez was promoted, but his $10,000 raise wasn’t enough to keep up with his student loan payments.
Sanchez is not alone. Nearly half of all students graduate from online college programs with unmanageable debt, according to Marc Scheer, author of No Sucker Left Behind: Avoiding the Great College Rip-off.
Read more about the pros and cons of borrowing for your online education
 
Pension and Home-Equity Borrowing: A Bad Idea?
Financial Aid  >  Consumer's Guide to Student Loans
By GetEducated.com Consumer Reporting Team  |  January 12, 2009   
 
Life coach Victoria Krayna has financed six college educations, including her own. She, her husband and her four kids have learned plenty. One of the most important lessons of all those years of education: Borrow wisely—life is unpredictable.

When Krayna’s son’s tuition disappeared in the post-9/11 market crash, Krayna and her husband refinanced their home to pay for his education. It might have been a successful strategy, says Krayna, but then her husband was hit by a car and incurred injuries that affected his personality. After 28 years of marriage, the couple divorced, leaving Krayna with the mortgage.

Krayna rebounded, but she says that her experience has taught her not to count on the future.

Other financial experts echo Krayna’s cautions. They say that while it’s sometimes necessary to borrow against the equity in your home, you should never finance an education with credit cards or other forms of consumer debt. Under only the rarest circumstances should you tap retirement funds.
Read full article about pension and home-equity borrowing for education
 
Should You Trust Your Online College's Financial Aid Officer?
Financial Aid  >  Consumer's Guide to Student Loans
By GetEducated.com Consumer Reporting Team  |  January 09, 2009   
 
It’s normal to approach the financial aid office at your online school with a little trepidation. Getting financial aid is tricky to begin with, and recent college loan scandals made some online students even more nervous.
Read more about online college financial aid - can you trust your financial aid officer?
 


 
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