An Educational Loan Can Be Smart
Tony’s parents wanted their son to have the best education they could afford. Although they had a college fund, their savings wouldn’t cover the cost of Tony’s dream: enrolling in one of the special political journalism programs at Boston University. Together, Tony and his parents applied for BU need-based financial aid.
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Financial Aid Decision
Tony was awarded a scholarship that covered part of his college costs, leaving a gap beyond what his family could pay, even with Tony working part-time. His parents decided taking out a loan would be a good investment and manageable way to cover the difference. They researched credit-based loans and the Tuition Payment Plan carefully, discovered the advantages of certain educational loans, and used BU Loan Calculators to compare plans and choose the best options. Finally, they co-signed a loan with Tony to cover a portion of the remaining cost and enrolled in the Tuition Payment Plan for the difference. Today they’re comfortable with their decision and their loan payments.