Student Loans

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student loansEducation is important but it can be expensive. Many students don’t have an income, and will turn to student loans.

A student loan is extended to students by the school’s financial aid offer. A student who is struggling to pay college tuition may apply for a student loan.

There are two main types of student loans;

  • Federal student loans offered by the government
  • Loans from private sources such as banks or financial institutions.

Benefits of a Student Loan

  1. Lower interest rate than private loans or credit cards
  2. No need for a credit check to get a federal loan
  3. Payment is done after you finish your college
  4. The government may pay interest to needy students
  5. Flexible repayment terms including option to postpone payment if you are not able to pay
  6. Certain jobs may offer to have a portion of the loan forgiven.
  7. Better jobs are extended to college graduates than those with high school education.

What Is the Difference Between Federal loans and Private Student Loans?

The loans offered through government programs are mainly for funding your higher education. Thus, the interest rate is low and fixed.

You might turn to online lenders if you still need more. Financer.com lets you compare 15 online lenders.

The private student loan may be through banks, credit unions or online lenders. A parent or guardian cosigns the loan with the student. Both parties are responsible for repaying the loan.

Are You a Responsible Borrower?

You need to remember that any loan needs to be paid back. It is your legal obligation to pay back the loan with interest.  Think about the loans will affect your future finances.

You also need to borrow what you can repay. Research the salaries in your field of study. This will help you know how much you will earn after graduation.

Understand the terms of the loan. You will still be expected to repay the students loan even if you don’t complete college or get a job.  Making timely payments is part of the agreement.

How to Apply For a Student Loan

  • Visit your financial aid to get types of aid including grants and scholarships
  • Fill out a form detailing your financial and school information
  • Apply for the aid and wait for results
  • If approved, take whole or part of the aid.
  • Complete a counseling session on how loans work

How to Minimize Your Borrowing

As a needy student, you may view a student loan as a ticket to lucrative job. But it’s good to think about the consequences. Avoid getting into a serious burden. Minimize your borrowing through;

  • Apply for grants and scholarship
  • Work part time to fund your education.
  • Find less expensive schools
  • Used books, less expensive entertainment can go a long way.

If you make timely payments, you will build your credit. You are just starting out. This will help you start out on the right foot.

The application process is easy. Approval does not take long. Lenders understand that students don’t have high credit scores.

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