Anyone who wants an even remotely secure financial future cannot do without a college diploma. Yet the cost of getting that college diploma can in itself be one of the biggest stumbling blocks to a secure financial future. Even public colleges and universities are rapidly pricing themselves beyond the means of many middle-income families, but for them, a well-though out school loan may be the solution. Properly planned, a school loan need not saddle a student with crippling debt upon graduation.
School loans can be categorized as need-based and non-need based. Need-based loans are for families for whom the cost of higher education will truly present a hardship; they are specifically earmarked to defray some of those costs.