Are you starting college within the next year? If you are, you are probably frantically looking for ways to pay for it. You should be applying to every college scholarship you can find, working as many hours at your part time job as you can to save up some cash, and talking to your parents about any possible college fund they have and if there is any money they can give you towards college. College costs have only gone up in recent years, much faster than the cost of almost everything else.
Some people are very fortunate when it comes to paying for college. A lucky few are born into a family with wealth and have their college education easily paid for. Others are extremely smart and get full ride scholarships to the first college they choose.
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.
Your first student loan should be a government loan. The government will give you the lowest interest rate out there. Other personal loans will cost you more. You could even pay using a credit card, but that would be a huge mistake a cost you a lot down the road. First, look into the government Stafford Loan.
This affordable loan is available for use for college tuition at any two or four year university, college, or trade school. You are allowed to borrow up to $4,000 a year, every year. The Stafford Loan is available as subsidized or unsubsidized.
If you are in great financial need, you can get the subsidized loan in which the government will pay the interest on the loan until six months after you graduate. If you don't show great financial need, you can still get the unsubsidized loan in which the government won't pay any interest.
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. - 15790
Some people are very fortunate when it comes to paying for college. A lucky few are born into a family with wealth and have their college education easily paid for. Others are extremely smart and get full ride scholarships to the first college they choose.
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.
Your first student loan should be a government loan. The government will give you the lowest interest rate out there. Other personal loans will cost you more. You could even pay using a credit card, but that would be a huge mistake a cost you a lot down the road. First, look into the government Stafford Loan.
This affordable loan is available for use for college tuition at any two or four year university, college, or trade school. You are allowed to borrow up to $4,000 a year, every year. The Stafford Loan is available as subsidized or unsubsidized.
If you are in great financial need, you can get the subsidized loan in which the government will pay the interest on the loan until six months after you graduate. If you don't show great financial need, you can still get the unsubsidized loan in which the government won't pay any interest.
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. - 15790
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Once you have graduated, you need to pay back every student loan. Paying off every student loan can be tough. You may need to look into student loan debt consolidation.