College Financial Aid Mistakes

College Financial Aid Mistakes

College Financial Aid Mistakes

1. Paying for something free - This is called the FAFSA for a reason that it is free. And thus should any site be that you search for scholarships on. In case someone is providing to manage your financial aid process, he/she is providing to rip you off. Actually, there are no such things as secret scholarships; in case a "scholarship professional" may find this, so can you with comparatively little searching. In case you get stuck on the FAFSA, then there is Web support accessible. You could call the local student's financial aid office as they are typically more than gratified to answer any questions in person or on the telephone.

2. Taking private loans prior to discharging federal ones - In a perfect world, you would not have to take out loans. You would be capable to cover the whole price of your education from savings, scholarships and grants. Though this is not a perfect world for many American citizens, plus an educational loan is a reality that is here to be. That said, the federal loans for college students meaning Perkins and Stafford loans are actually better choice than private loans.

The unsubsidized Stafford loans are limited at a 6.8% interest rate; the subsidized Staffords loans do even (in the year 2012, they will be limited at 3.4%). Private loans can reach 12% APR: That approaches credit card territory.

3. Leading a life like You already get a fat paycheck - Even though you get a part-time or full-time work, you shouldn't live large when you are in college. Now it is the time for economy. In case you must take student loans, you should do this extremely prudently. Also, you do not want to get Sallie Mae the amount you have to, plus certainly not as you coveted a much better off-campus apartment.

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