The Stafford Loan
Will you be starting college soon? Will you be starting next year? If you are, you are probably frantically trying to get the money together to pay for it. College is expensive and you probably won't be able to pay for it with the money you make from one summer job. You'll need to look for scholarships and grants, and save every penny you make.
A lucky few are born into wealth. They are fortunate enough to have their parents foot the bill for their entire college education. Other people are really smart and get full scholarships to college.
The majority of us have to pay for college all on our own. We try to scrimp by attending a community college first, going to a state school, applying for every scholarship available, and saving whatever we can. Unfortunately, if we still come up short, we have to take out a loan.
As bad as it sounds to have to take out a loan, if you can't pay, you have to do it. As much as you hate to do it, it's just what you need to do. Most college students will have to take out a student loan.
Government student loans are the first place you should look. They will always have the lowest interest rate compared to private loans, and especially compared to credit cards. The Stafford Loan should always be your first choice.
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 have great financial need, you may qualify for a subsidized loan. With this loan type, the government will pay the interest on your loan throughout college and until six months after you graduate.
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.
A lucky few are born into wealth. They are fortunate enough to have their parents foot the bill for their entire college education. Other people are really smart and get full scholarships to college.
The majority of us have to pay for college all on our own. We try to scrimp by attending a community college first, going to a state school, applying for every scholarship available, and saving whatever we can. Unfortunately, if we still come up short, we have to take out a loan.
As bad as it sounds to have to take out a loan, if you can't pay, you have to do it. As much as you hate to do it, it's just what you need to do. Most college students will have to take out a student loan.
Government student loans are the first place you should look. They will always have the lowest interest rate compared to private loans, and especially compared to credit cards. The Stafford Loan should always be your first choice.
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 have great financial need, you may qualify for a subsidized loan. With this loan type, the government will pay the interest on your loan throughout college and until six months after you graduate.
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.
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Once you have graduated, you will have to repay your student loans. Paying off student loans can be difficult. You may need to look into student loan debt consolidation.
posted by Credit Counseling at
6:50 PM
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