College is an expensive thing, and therefore the majority of us have to rely on student loans to get us through it. Without them, a lot of college students wouldn’t be able to attend college. They are great because they give you the opportunity to go, allow you to use money to pay off the tuition, and then allow you to pay them off once you’re graduated (most loans.) Although, if you’re a college student that is applying for loans for the first time, you may want to make sure you look for a few specific things.
Federal Loans – First of all, you’ll most likely want to stick with federal loans instead of private loans. Federal loans are known to be better because they’re promised by the government, often have lower rates, and because there are subsidized versions and non-subsidized versions.
Interest rate – Next, you’re of course going to want to look for a lower interest rate. This is important and can save you a lot of money in the future.
Fees – Sometimes there may be fees, so you’re definitely going to want to watch out for them. Simply ask what are the fees to these loans? Make sure you let them know you want to know about the rates, and any hidden fees!
Monthly payment – Just to make sure you know what you’re getting yourself into, ask what the monthly payments will be. This will give you a good idea for how much you’re going to need to dish out each month. This will also help you compare to other loans. Although when you ask, be sure to get the final total!
Searching for student loans can be kind of frustrating and overwhelming simply because we are thinking about how we’re going to be getting ourselves into debt. Although, you need to keep in mind that it is a “good debt” and really an investment. So, when you’re searching for leans, be sure to look out for a few of these things!