Education loans are an investment in
yourself. A college education opens the door to many more
opportunities than a high school diploma. However, loans
must be repaid, usually with interest. Budget carefully and
borrow only money you really need. Don't be tempted to borrow
the maximum if you don't need that much; you'll regret it at payback time!
Note:
* This calculation assumes a
constant interest rate over the life of the loan; however,
interest on an EXTRA Education Loan accrues at a variable rate, for
loans first distributed on or after July 1, 2009, the interest rate is 3-month LIBOR + 3.00% (with a minimum rate of 7.00%), adjusted quarterly.
