In order to help educate consumers and prevent more college hopefuls from falling into overwhelming student loan debt, an initiative as been gearing up to better prepare high school student and their families as to what to expect when dealing with student loans. Here are a few things you should know:
Know the deadlines — when applying for financial aid, thee FAFSA deadlines can be much earlier than your registration for a college semester. Be sure to know when to apply, and try to get your application in early.
Search for alternatives — instead of taking out loans, search for scholarship programs and grants. There is tons of free money out there that can reduce the amount of money you would need to borrow to attend college.
Consider a modified schedule — many students are now taking extra time to graduate so they can work to help support the costs of a college education. Consider spacing out your degree another year so you can earn some money towards your tuition.
Understand loan types — federal vs. private, subsidized vs. unsubsidized. Both of these distinctions are important for how your loan repayment could look, as well as the interest rates and payment assistance options down the line. Be sure to thoroughly review these differences before choosing which loan to accept.
Tips Regarding Student Loans