DD will be heading off to college in the Fall. She has been accepted and wants to attend an out-of-state art college. So far she has gotten about 1/4 of it covered in scholarships and is trying for more. We've asked that she try and get 1/2 of it covered. Since she is our oldest, DH and I aren't sure what is the best way to finance the rest. We never had the extra money to set up a college fund so we have to get a loan. We were thinking of getting a student loan in her name and then paying what we could and she would be responsible for it once she's graduated in 4 years. I would appreciate any advice from those of you who have been there!

When my ds attended college as a freshman, he could not get a loan in his name as a freshman. Too many people were not paying them back I think was the reason. We did the fed. govern. loan. It is good I mean as far as loans go.

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Fill out the FAFSA and get the results sent to the schools financial aid office. The first step is to get a Stafford student loan (lower interest rate). There is a limit on how much freshmen can borrow. If more money is still needed then get the PLUS loan for parents (about 2% more in interest than the student. Parents have to start repaying in the spring semester. Students start repaying 6 months after leaving school.