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Getting a Student Loan

By Edited May 18, 2016 0 0

There are a few different options for you to choose from when getting a student loan.  Find out what the best options for you are.

Federal Loans: You can get a federal student loan, which is great for students.  These are government loans and many students like them because the government will pay for the interest while the student is in school and for the interest the following 6 months after the student graduates.  This is a really good deal for students because they don’t have to worry about accumulating interest until they graduate.

Private Lenders: It is a good idea to research all of the possibilities and the different lenders when you want to get a student loan.  All lenders have different different interest rates and fees.  It is important to look for a private lender whose interest rates are reasonable.  There are many banks that are open to students and their parents.

Plus Loan: A Plus loan is a great option for students and parents.  The interest rate is at a low 7% and is an option many parents choose if they can help the student pay for the loan.  The Plus loan requires monthly payments that one will have to make however.

State Loans: For students who live on campus, there are certain states who will offer loans to students who plan on living on campus while they are studying at that school.  For those who want to dorm, this is a great option.

Many people get student loans and use it for personal reasons.  This makes things really hard for the future and often times people get far behind because they don’t want to pay it back.  It is important to use the money you are receiving for school only.  Don’t use it for a trip to the movies or a to buy a new outfit for yourself.  Once you realize how much school you have left to pay for, you will regret it.

Applying for a student loan can be a long process, but will be worth it if you qualify.  Some lenders ask that you maintain full time credits and others require that you are part time.  Some may do a background and a credit check and may require a co-signer on your account if you have poor credit.

Unless you are in a good financial situation and do not need a student loan for you, you should make sure you do your research before applying for a loan.  If you do need a loan, don’t feel bad about applying because it could really help you in the long run.  You may want to go with the option of working for someone who pays for the education.  This is really helpful and definitely a bonus.

Pay as much down for your school as you possibly can.  Consider the size of the loan before you apply.  Keep in mind that you will eventually have to pay the loan back at those number add up quick.  Paying a large portion down for school is a great idea

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