Student loan guide
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The document provides an overview of student loans and funding sources for college, highlighting the importance of scholarships and grants which do not require repayment. It details federal and private student loans, emphasizing that federal loans offer better terms and accessibility. Students are encouraged to understand their loan terms and explore consolidation options to manage repayments effectively.
Student loan guide
- 1. • Student Loan Guide For more details kindly visit:- http://www.howstudentloan.com/
- 2. What You Need to Know About Student Loans for College Most students rely on a variety of funding sources to pay for college. Personal savings and family contributions are one of the first places students turn, but often these resources don’t cover higher- education costs.
- 3. Student Loan Basics Scholarships and grants are windfalls for college funding, because they do not require repayment. Performance and financial need are considered, and then eligible students are endowed with gifts that pay for tuition, books and housing. Do not leave free money on the table – apply for every grant and scholarship for which you qualify. For more details kindly visit:- http://www.howstudentloan.com/
- 4. • Student loans are funded by a variety of sources including The United States Federal Government and private lenders like banks and credit unions. Federal loans are the most accessible to students, and offer the best repayment terms. • Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Interest rates are higher than federal student loans, but still fall below most other types of private financing (home, car, etc.) Types of Student Loans
- 5. 5 Federal Student Loans Federal Family Education Loan program (FFEL) is a now-defunct lending program designed to provide American college students and their families with federally backed student loans. These loans are now made through the U.S. Department of Education’s Direct Loan Program.
- 6. Private Student Loans Private student loans, such as those offered by Wells Fargo and Chase are designed to bridge the gap between your financial aid package and the true cost of your education. Private loans require borrowersto pass credit checks, and the loans often have higher interest rates than those subsidized by the U.S. Government
- 7. Student Loan Tips: Use student loans to supplement other financial aid awards, like grants and scholarships. Make sure to start a college savings plan as early as possible. College accounts like the 529 savings plans allow you to save pre-tax money for college. Understand the terms of your federal and private student loans, before you sign on. You will be bound to the conditions of your loans for many years. Don’t miss payments. Be proactive in protecting your credit, by contacting your lender before you default. Consolidation loans, deferments and other accommodations are available, to keep your repayment schedule on track.
- 8. For more details kindly visit:- http://www.howstudentloan.com/
- 9. With Regards:- For more details kindly visit:- https://goo.gl/VFzkMd
Editor's Notes
- #3: Capitalized interest is a form of negative amortization, digging you into a deeper hole because interest continues to accrue Extended periods of nonpayment will cause your loan to grow much bigger