Student loans: why should you take one?
Student loans: why should you take one?
Student loans: why should you take one?
With parents, becoming increasingly burdened by financial obligations, single mothers wanting access to higher learning, job markets becoming increasingly competitive with other life obligations; it has not been that easy to get that diploma, degree, masters or even PHD. Increasing college costs has not made it any easier. Scholarships and grants have also thinned due to competition.
Time for some good news, just as home loans, mortgages, personal loans and auto loans are becoming easily accessed so has student loans Surprised? I hope you are. This article gives you baby steps to getting that financing you have been looking to up your diploma to degree.
Reason You Should Take One:
* Students are by the timings they have in their hands, which allows them to seek part-time employment opportunity. This gives them an edge as they are able to earn based on hourly rates that come in quite handy than those in around the clock employment.
* Student's loans offer lower interest rates.
One of the most affordable student loan options are:
1. Federal student loans: Interest rates for these Federal student loans are significantly lower than those of personal loans, credit cards and even home equity loans! They are available regardless of income level and, in some cases; the government pays all the loan interest while you are attending school. They are usually eligible for consolidation after graduation, providing long-term financing flexibility as you continue on to graduate school or opt to join the working world! These can be grouped as:
1. Federal Stafford Loans rates are lower than other forms of consumer financing, and repayment is postponed until you are out of school.
2. Federal PLUS Loans helps parents borrow funds on behalf of their college-bound children.
2. Private Student Loans: When scholarships, grants, work-study and federal student loans programs don't cover the entire amount of education-related expenses, a Private Student Loan, also known as an alternative loan, is an excellent alternative. If you have a number of private loans, a private loan consolidation may be a prudent move to better manage your education debt.
Student loans can be a mind throbbing affair due to poor credit counseling. You need to learn some basic ABCs of this type of loan.
* Seek for Economic Aids. This could be from parents and relatives willing to rely on your education, churches in the community willing to assist the needy, NGOs with scholarship programs and even corporate organizations with set-up Foundations that cater for those who cannot pay for college or university fees. Project the total costs of all your semester tuition well in advance. This can be calculated by having the costs of tuition, book, meals and accommodation for each semester and multiplying by the number of years. In case you are a recipient of some form of grants, subtract this amount from the amount you have at hand to lower the repayment period.
* Make choices on loan types available. The best option would be to opt for federal loan. Interest rates are often set by the government. The borrowing process should be at increasing subsidy level. Start with small amount and let the increase in borrowing be at a constant level. In cases of self-sponsored students who might not meet the government requirements in one way or the other, then highly consider private equity borrowing. There is a big BUT for this resort, interest rates tend to be much elevated and one should only regard as it as the last alternative left available.
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