| If you are a student needing financial aid, one of the | | | | after you graduate. Make an estimate of what your |
| financial aids available to you is a student loan. In very | | | | starting salary would be when you get a job. The |
| simple terms, a student loan is a loan you take out | | | | cardinal rule in borrowing is that you should only |
| and use to pay the costs of your college tuition. | | | | borrow an amount that you are certain you will be |
| Compared to other types of loans, a student loan | | | | able to pay back. Before turning in your student loan |
| has a lower interest rates. While students loans can | | | | application, you also need to know how much you will |
| be privately sponsored, most student loans are | | | | have to pay every month if your loan gets approved. |
| government sponsored. | | | | The third thing you should consider when applying for |
| There are three things you need to consider before | | | | a student loan is the interest rate of the loan. Find |
| you apply for a student loan. | | | | the lowest interest-bearing student loan you can find. |
| The first thing you need to consider is your credit | | | | If possible, apply for a subsidized student loan. With a |
| rating or credit history. A poor credit history can | | | | subsidized student loan, you won't have to worry |
| adversely affect your student loan application. Some | | | | about the interest accruing while you are going to |
| lenders will look at your credit history; some don't. It | | | | school. |
| all depends on what kind of student loan you apply | | | | To summarize, consider your credit history, your |
| for. Thus, if you have a poor credit history, look into | | | | ability to pay the loan back and the interest rate |
| student loans that don't consider your credit report | | | | when you are applying for a student loan. If your |
| or credit score a top requirement. | | | | student loan application gets approved, create a |
| The other thing you need to consider before applying | | | | budget. Paying off your student loan every month |
| for a student loan is your ability to pay back the loan. | | | | should one of your priorities. If at all possible, avoid |
| Consider the kind of job you would possibly have | | | | borrowing too much money. |