Student Loans – Just the Facts

Student Loans – Just the Facts

One of the questions most students ask themselves today is “how can I get student loans?” it seems to be at the top of everyone’s hot list, and rightfully so. Because once you have a student loan financing plan in place, or even multiple loans if needed, then everything else will fall into place. Also, there will be a lot less stress because you would have cleared the first big hurdle to your education and it will really help you make a huge impact on your future after school.

Below we’ll look at a few facts that can help you understand your options. I’ve simplified the answers somewhat so as not to confuse you with loads of unnecessary ramblings and stuck to what Detective Friday used to say years ago on that Dragnet TV show “Just give me the facts ma’am!”

Just the facts

Below is a list of tips and facts in no particular order, it’s just a collection of helpful tips that you can keep, jot down the ones that resonate with you, and discard the others.

1. Before you decide to take out a loan, it is recommended that you speak with your school counselor. They keep their finger on the pulse and will have the latest student loan information that applies to you, and they have the experience to help you narrow down your search for the perfect loan. Although not all loans are perfect, the trick is to find the one that is perfect for you.

2. These days many educational institutions are starting to go paperless with very easily accessible application forms that you can fill online in the comfort of your home.

3. The first option to consider when getting a loan is to always look at government loans first. They usually have much lower interest rates and you can have longer terms as well.

4. Government loans were created to provide for those students who may be financially challenged and/or have some other challenging situations affecting them in their lives, so as to ensure as many people as possible their right to good education.

5. You can find the Federal Student Aid application form online and you can apply online when needed.

6. “There are 1.6 million ants for every person on Earth” quote (this has absolutely nothing to do with student loans, I just wanted to see if you were still awake).

7. Once you have completed your FASA form, once it has been assessed, you will receive a Student Aid Report which will show what loans you are eligible for.

8. Once you get a loan, you don’t need to accept it.

9. It is possible to use only part of your loan, of course, this will depend on the specific conditions of the lender, but it is possible.

10. Private loans usually have a higher interest rate, but can be more flexible in terms of the amount of money they can provide.

11. It’s a real buyer’s market, in other words, you, as a borrower, are eagerly sought after by all these competing loan companies. This can give you an even greater advantage because you can think about negotiations and even better handle them.

12. Most lenders will have an online portal where you can apply for a loan.

13. The Government PLUS loan system is designed to help parents find the best type of government aid for their children.

14. When filling out the government loan application, it is likely that your parents will be required to be with you as some of the required information will need to be provided by them.

15. When completing loan applications, you will be required to provide detailed information about your current finances, including loans, credit cards and any other relevant information.

16. You will also need to provide details of all your co-signers, if you have any.

And last but not least…

17. “However, the total weight of these ants is about the same as all humans”

I hope this was of some help in helping you decide what type of student loans will suit you best, good luck with your studies.

#Student #Loans #Facts

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