Q: Should I borrow student loans from a personal loan company?
A: Ok, if you want to be in debt forever, this will be your nightmare. As it turns out some of my clients have taken out personal loans in order to finance their children’s education. This may suit your situation if you become insolvent in the future and have to file bankruptcy. In the U.S., you cannot include student loans in any form of bankruptcy, nut you can include personal loans. In Canada, you have to be out of school for 7 years before you can include it in any insolvency programs.
So, what is the right answer? If in your current situation, you are in good standing in order to secure student loans for your kids, that is what I would advise you do. Student loans have lesser interest rates than personal loans. Unless you are not in a financial condition to help your children with their student loans, I would still not encourage anyone to take out a personal loan in order to fund their education.
Let me tell you about an old client who I tried to help because he did exactly what I just said. He ended up using his home to pay off his debts. He ended up selling his home and used the equity to pay off the debts because he was being sued by every lender he borrowed money from. Just like I said, if you are in a financial situation to take out a student loan for your children, then do so. It’s not worth the headache in the end.
Ating lesson, Tumulong ka na nga, napahamak ka pa!
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