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Expert Opinions

Fernando Ferrer

Adjunct Professor, Department of Business & Public Service, Raritan Valley Community College

When do you think it makes sense for a student to take out a personal loan?

I believe that every member of the family should contribute to the household economy. The student must take out a loan depending on the family's needs, the amount needed or offered, the interest rate, and the payment terms (amount, period, etc.).

Do you have any advice for students shopping for a personal loan?

Ask for advice at the high school, the college, from friends, and family members—look everywhere and compare.

What are the biggest mistakes for students to avoid with personal loans?

Not doing broad research and not investing time and effort in understanding what a loan is and why it can be valuable is a missed opportunity. This learning will have more applications in the personal and professional life of the student.

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