Will you be starting college soon? Will you be starting next year? If you are, you are probably frantically trying to get the money together to pay for it. College is expensive and you probably won't be able to pay for it with the money you make from one summer job. You'll need to look for scholarships and grants, and save every penny you make.
Some people are lucky enough to be born into a rich family or have parents that were able to set aside money in a college fund. Others are super smart and able to land a full ride scholarship to the college of their choice.
For the rest of us, we have to come up with the money on our own. Even after attending a community college or going to a state school, getting all the scholarships we can, and saving up all the money we can, some of us will still come up short. Those who do have to take out loans.
If you cringe at the thought of taking out a loan, don't worry. It's not as bad as it sounds. As long as you use it as a last resort and are careful with your money, taking out a loan for a college education will help you tremendously in the long run.
Government student loans are the first place you should look. They will always have the lowest interest rate compared to private loans, and especially compared to credit cards. The Stafford Loan should always be your first choice.
The Stafford loan is an affordable loan that can be used for college tuition at a two or four year college, university, or trade school. You can borrow up to $4,000 a year to a maximum of $20,000 total. There are two different types of Stafford loans, the subsidized loan and the unsubsidized loan.
The subsidized loan is created for those in extreme financial need. The government will pay the interest for you during your attendance in college and for until six months after you graduate. You have to qualify for financial need to get this loan.
If you are looking for a loan, get the Stafford loan first. Over four years, you can borrow up to $20,000, which can be a huge help. Remember that this is a loan and not a grant. You will have to pay it back.
Some people are lucky enough to be born into a rich family or have parents that were able to set aside money in a college fund. Others are super smart and able to land a full ride scholarship to the college of their choice.
For the rest of us, we have to come up with the money on our own. Even after attending a community college or going to a state school, getting all the scholarships we can, and saving up all the money we can, some of us will still come up short. Those who do have to take out loans.
If you cringe at the thought of taking out a loan, don't worry. It's not as bad as it sounds. As long as you use it as a last resort and are careful with your money, taking out a loan for a college education will help you tremendously in the long run.
Government student loans are the first place you should look. They will always have the lowest interest rate compared to private loans, and especially compared to credit cards. The Stafford Loan should always be your first choice.
The Stafford loan is an affordable loan that can be used for college tuition at a two or four year college, university, or trade school. You can borrow up to $4,000 a year to a maximum of $20,000 total. There are two different types of Stafford loans, the subsidized loan and the unsubsidized loan.
The subsidized loan is created for those in extreme financial need. The government will pay the interest for you during your attendance in college and for until six months after you graduate. You have to qualify for financial need to get this loan.
If you are looking for a loan, get the Stafford loan first. Over four years, you can borrow up to $20,000, which can be a huge help. Remember that this is a loan and not a grant. You will have to pay it back.
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When you have graduated, you will have to repay your student loans. Paying off student loans can be difficult. You should look into student loan debt consolidation.
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