Student Loans

Your Guide to Borrowing For Your Education

A college or vocational school education is one of the most expensive investments you will ever make, but it is one of the most necessary. There just are not lucrative jobs for unskilled workers who have not proven that they have the discipline to get a degree. So college or some form of post-secondary education is a given for most people.

The ideal is to finance your education through grants and scholarships. For the most academically gifted students these options might work, but the competition is fierce, and the vast majority of students will have to take out some kind of loan to get the degree they need. Most students will need to take out more than one loan to get them all the way through their education.

Student loans and the interest they accrue have to be repaid. In fact, it will take most college students 10 years at least to repay their loans. Except in a very few circumstances, student loans are forever – they are not discharged in bankruptcy.

Given all these intimidating facts, it is clear that students must understand the options available to them and how to manage the debt. There are several choices, and the loans you choose and how much you know about them  is going to have a lot to do with whether and how quickly you meet your financial goals in life.

This site will help you get a bead on what it is you need to know.

Types of Student Loans

Student loans come primarily from three sources: the federal government, state government and private sources, such as banks. Of these three choices, federal and state loans are by far the more desirable. They offer low interest rates, low fees and flexible repayment options. They also do not have to be repaid until after you have graduated. Federal student loans are appropriate for everyone because most federal loans do not require a credit check.

Once you have exhausted all your government loans options, only then should you consider a private loan. Used wisely, private loans are an excellent way to cover the cost of extra expenses, such as computers and textbooks.

Both federal and private lenders offer alternative loans,  such as loans to parents and to graduate students and consolidation loans. Alternative loans can also provide funding for students who do not fit into traditional categories, such as continuing education students and students at trade school or flight schools.

Consolidation loans are for students who have high or multiple balances; by consolidating the loans, the monthly payments are significantly reduced and the student writes one check to repay all the loans each month.

This site will take you through these loans, and more. The decisions you make about taking out student loans, what kinds of loans to get and how to manage them will have a huge effect on your financial future. Student loans can make your dreams come true, and they can be a nightmare. The more information you have, the better your chances are reaping all the benefits, and none of the drawbacks, of student loans.

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