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  HOT ADVICE ON STUDENT LOANS
  Sticker shock isn't limited to cars. It applies to the money you will need for college student loans. Since the 60's the cost of a college education has increased almost nine fold.

The first thing to remember about a student loan, that it really is not an expense, it is an investment, in yourself. A college education can lead to a more rewarding job and greater earning capability throughout your career. Studies estimate that you will 80% more over your life with a college degree versus a high school diploma.

Student Loan Steps to Follow

To determine how much money you will need for a college, and subsequently a student loan, follow these steps:

  • Pick A College: Find the college that is right for you.
     
  • Tuition And Fees: You can use our site to research all the tuition and fees for colleges and universities in the US.
     
  • Determine Related College Expenses. Be sure to include travel to and from school, college text books, room and board, college tuition, personal expenses, etc.
     
  • Calculate Your The Money You Have Saved For College: 
     
  • Determine Your Income: Or your parents income if they are going to help you with a student loan. But, if you plan to work during school, estimate your earnings.
     
  • Go To Class: You must maintain at least half-time enrollment, which generally is six credit hours.
     
  • Receive And Review Your SAR: The Student Aid Report arrives about one month after you submit the FAFSA. Your SAR includes your "Expected Family Contribution" or EFC, which your school will use to determine your eligibility for various types of aid, including student loans.
     

With the above information you are ready to apply online for a student loan.
 

Student Loan Tips

  • Investigate And Understand: Do thorough research as not all student loans are the same. Some interest rates may vary, the time frame to pay pack your student loan will depend on the program, grace periods and penalties for late payments also vary.
     

  • Manage Your Student Loan: Watch your mail and pay attention to deadlines. If you have questions contact the the lender for the student loans or the college coordinating the information. Be sure to attend all required Entrance and Exit Sessions.
     

  • Understand Your Student Loan Requirements: You must complete loan counseling sessions when you first obtain a student loan and upon graduation. These sessions detail your rights and responsibilities as a student loan borrower.
     

  • Pay The Piper: If you can, pay interest on any unsubsidized loans. The small payments you make will reduce your overall debt so your total to payback will be lowered.
     

  • Go To Class: You must maintain at least half-time enrollment, which generally is six credit hours.
     

  • Investigate Tax Savings: Your tax advisor may be able to determine if you qualify for tax credits, such as the Hope or Lifetime Learning Credit.
     

  • Stay In Touch: Keep your lender advised as to your address changes. It is not their fault if you move and forget to tell them. If you are late on payments, it can impact your credit.

Types Of Student Loans

  • Financial Need Student Loans - Subsidized Stafford Loans: This loan has a low interest rate and is from the federal government for students with financial need. Interest doesn't begin accruing until after you begin repayment.
     

  • Non-Financial Need Student Loans - Unsubsidized Stafford Loans: Similar to the subsidized loan, but not based on financial need. Interest begins accruing while you're in school.
     

  • Federal PLUS (Parent Loan for Undergraduate Students): A Federal PLUS is not based on financial need of the student. Parents of undergraduate students can apply regardless of family income or financial assets.
     

  • Private Loans: There are companies and banks that provide private student loans for both undergraduate and graduate students. Only borrow what you need as the interest rates on these student loans are often higher.
     

  • Home Equity Loans And Lines Of Credit: A home equity loan or line of credit is one way for homeowners to pay for your college education. A possible advantage is tax deductible interest.

LEARN HOW TO INCREASE YOUR CHANCES OF GETTING A STUDENT LOAN IN OUR GUIDE

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Your guide has really helped me make good decisions about paying off my

student loans. I can now focus on enjoying my career and buy the things that I need to furnish my apartment. Many Thanks !

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  INVESTING FOR COLLEGE
PLANNING FOR COLLEGE
FINANCIAL AID TIPS
PAYING FOR COLLEGE
STUDENT LOAN CONSOLIDATION

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