If you need money to pay for college or other education you are probably looking for a low-interest student loan. A student loan is a great way to finance your education if you aren’t able to get a grant or scholarship. Applying for financial aid is free with the Free Application for Federal Student Aid (FASA). Once you get the results from the federal aid application you will know how large of a student loan to apply for.
Unlike grants and scholarships, a student loan is money you will have to pay back. It pays to do some research before getting one. Here are key tips for when you want to find a student loan:
- Consider the loan source. A student loan can be made through the federal government or it can come from a private source. Federal loans typically have lower interest rates and more flexible repayment plans than loans from private sources.
- The federal government offers student loan that make loans based on need and have limits on how much you can borrow each year.
- If you don’t qualify for a federal student loan or if you need more money than you’ve qualified for a private loan may be available. Be sure to understand the interest rate and repayment terms before you accept any loan offers.
- You don’t have to borrow the maximum amount offered to you. Only borrow what you absolutely need so that you have less to pay back later.
Advice on getting the best student loan:
Check with your school’s financial aid department or the Federal Student Aid web site to find out about a Federal Student Loan and check back with Finance Source for help getting a student loan from a private source.
When you get a student loan you will have to pay it back whether you finish your education or not. You will also have to make timely payments and honor the terms of your loan agreement. A student loan can be a major help in paying for your college education and doing your homework in advance will make a big difference in how much it costs you and your family.
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