As you are rummaging through the brochures of the perfect colleges, Student Loans are the last thing on your mind. But, student loans is also that one thing that can make your college dreams come true. Hence, you should begin by knowing a little more about student loans before the clock starts ticking.
- Student loans are a part of the financial aid package.
Most people mistakenly relate financial aid with grants and scholarships, but student loans itself are a part of the package. They typically serve you to pay for your school, and you have to pay them back after graduation. When you receive your financial aid package from each school, do not immediately assure that everything listed in the package is grants or scholarship. Inspect each item in the list carefully, and contact financial aid of your school if you have any queries.
- There are two kinds of student federal loans.
The two categories are: subsidized and unsubsidized. The former is reserved for those students with financial aid, the federal government is liable to pay the interest while you are in school. Unsubsidized student loans are available for all the students, no matter what the financial need is. But, students are totally responsible for paying interest on all loans.
- If federal student loans do not cover the cost, go for private loans.
No matter if you are being awarded the federal student loans in your package, but they still might not be able to cover the total cost of your attendance. To apply for a private student loan, contact the financial aid office of your school and ask them about their preferred list of lenders. The list may comprise of all the lenders which are put together by the schools and offers a comprehensive look at who they are working with, which might help you in getting a private loan or a fast installment loans.
- Loan payments aren’t due immediately after graduation.
Luckily, for most of the borrowers, graduation does not bring a huge tide of student loan bills. But, instead you get a grace period of six months during which no payment needs to be made. This lets the borrowers find a job before they have to pay on their monthly loan payments.
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This post first appeared on How Important Is Your Finance – Financial Advice, please read the originial post: here
