| Whether you are about to head off for college as a | | | | qualify for certain benefits can be as low as 4.8%. |
| brand new freshman, or have already spent some | | | | But if you are truly a low income student, your |
| time there and are returning to complete your | | | | Stafford loan will be subsidized, meaning that the |
| degree, you may have come to the realization that | | | | government will pay the interest on you loan so that |
| you'll need to borrow money to fund your college | | | | you will only be responsible for paying the amount |
| years somewhere along the way. And you won't be | | | | you actually received. If you are accepted for a |
| the only one; just ask the people you know who are | | | | Stafford loan, you will not have to go to the trouble |
| or have been in college, and almost all of them will | | | | of finding a low interest loan from a private |
| have had financial aid or education loans. | | | | educational loans company. |
| Finding an educational funding company willing to pay | | | | Understand What You Are Getting Into |
| for your years at college will not be a problem, but | | | | No matter which company you choose to finance |
| finding the company to which you would be willing to | | | | your studies, make sure you understand your |
| be indebted for several years into the future can be. | | | | payment obligations. Your loan company may allow |
| There is no such thing as a short-term educational | | | | you to defer all of your payments until after you |
| loan; if you knew you would shortly have the funds | | | | either leave school or graduate; or they may require |
| to pay one back, you would simply avoid taking it. | | | | you to start making payments immediately. You may |
| You'll be repaying your financial aid for a long time | | | | find a firm which wants you to start making interest |
| after you graduate, and you don't want to be | | | | payments right away but will allow you to postpone |
| obligated long-term to the funding company which | | | | paying down the principal until you are out of school. |
| makes your life difficult. | | | | If your student financial aid company is willing to let |
| Look For The Best Interest Rates | | | | you defer any payments until you have graduated |
| It's imperative, if you want to save as much as | | | | and begun your career, you will have a chance to set |
| possible on your college loan, that you spend time | | | | something aside from your first paychecks so that |
| looking for the company which will offer you the | | | | you don't ever have to fall behind on your monthly |
| lowest interest rate. If you have a good credit rating, | | | | loan payments. You should also clarify with your |
| you can take a private loan, but make sure that the | | | | student loan company exactly how long you have to |
| interest rate offered is competitive. If you have no | | | | pay off your loan; the difference in a five year and |
| credit history, or a spotty one, you should pass on | | | | ten year repayment term can mean the difference in |
| borrowing from a private student loans company and | | | | being able to handle your monthly payments and |
| look into the Federal Stafford Loans program. | | | | being overwhelmed by them. |
| Stafford loans have fixed rates of 6.8%, and if you | | | | |