Stafford vs Perkins??

[MedPR]

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Not really understanding how to pick one over the other. I'm going to apply for a loan to help pay for applications this cycle, but I don't know which one is "better" for my situation.

I'm planning to pay off the balance of this loan within the next 12 months if that makes a difference. My other alternative is to use my credit cards, but I understand that Perkins loans have a 5% rate, subsidized Stafford is 3.4%, and unsubsizided Stafford is 6.8.

Based on the rate alone it seems like Stafford is the better option, but what am I missing about Perkins? What's the upside of both? Downside?

Thank you!

 

[DrMidlife]

www.studentloans.gov

Different people have vastly different attitudes about what's best in any given situation. Thus going straight to the official undiluted source of info is your best bet.

A slightly diluted source, which I find helpful, is: www.finaid.org

 

[SnowyRox]

What level of education are you financing?

Sub. Stafford & Perkins don't exist at the professional school level.

Beyond that I agree with the above poster. Pick the lowest interest rate, but look for one that doesn't start collecting interest until you graduate.

 

[MedPR]

www.studentloans.gov

Different people have vastly different attitudes about what's best in any given situation. Thus going straight to the official undiluted source of info is your best bet.

A slightly diluted source, which I find helpful, is: www.finaid.org

What level of education are you financing?

Sub. Stafford & Perkins don't exist at the professional school level.

Beyond that I agree with the above poster. Pick the lowest interest rate, but look for one that doesn't start collecting interest until you graduate.

Ok, thanks!