Getting a student loan is a great way to finance your education, but not all student loans are created equal. Here are a few things to look out for.
1. Check the Repayment Schedule
When do you need to start repaying your student loan? Some student loans allow you to start repaying your debt 6 or even 12 months after graduation which gives you a nice buffer to find a job. Others require you to start paying the loan back as soon as you graduate and other don't even allow that long. Make sure you know exactly when you are expected to start making payments on your student loan.
2. Interest Rate
It might seem obvious but make sure you have a student loan with a reasonable rate of interest. If you are not sure, then compare the interest rate of the loan you are considering to any of the federal student loan schemes such as the Perkins loan or Stafford loan, as they usually have quite reasonable interest rates. Don't pay too much for you loan as there are many loan providers out there and they are all competing for your business.
3. Look for "Fees"
Many private student loans will have types of fees attached to them. You need to take the cost of the fees into account before agreeing to the loan, because this can greatly influence the cost of the loan. Be sure to do the maths with the fees included to make sure the ensure amount is within your budget.
4. Compare!
If you can get better loan conditions with another lender, then don't be afraid to try bargaining with other lenders to see if they can match those conditions. It may not work all the time, but it will occasionally get you better conditions with private lenders.
5. Extras
Does your loan come with an extra credit line or maybe a student credit card? This is a trap! Don't do it. Borrow what you need, but don't be enticed by such bonuses as they can easily leave you up to your eyeballs in debt. Don't be persuaded!
As with anything in life, you need to do your own research for student loans, but with a bit of diligence, you should be able to get exactly what you want and need.
1. Check the Repayment Schedule
When do you need to start repaying your student loan? Some student loans allow you to start repaying your debt 6 or even 12 months after graduation which gives you a nice buffer to find a job. Others require you to start paying the loan back as soon as you graduate and other don't even allow that long. Make sure you know exactly when you are expected to start making payments on your student loan.
2. Interest Rate
It might seem obvious but make sure you have a student loan with a reasonable rate of interest. If you are not sure, then compare the interest rate of the loan you are considering to any of the federal student loan schemes such as the Perkins loan or Stafford loan, as they usually have quite reasonable interest rates. Don't pay too much for you loan as there are many loan providers out there and they are all competing for your business.
3. Look for "Fees"
Many private student loans will have types of fees attached to them. You need to take the cost of the fees into account before agreeing to the loan, because this can greatly influence the cost of the loan. Be sure to do the maths with the fees included to make sure the ensure amount is within your budget.
4. Compare!
If you can get better loan conditions with another lender, then don't be afraid to try bargaining with other lenders to see if they can match those conditions. It may not work all the time, but it will occasionally get you better conditions with private lenders.
5. Extras
Does your loan come with an extra credit line or maybe a student credit card? This is a trap! Don't do it. Borrow what you need, but don't be enticed by such bonuses as they can easily leave you up to your eyeballs in debt. Don't be persuaded!
As with anything in life, you need to do your own research for student loans, but with a bit of diligence, you should be able to get exactly what you want and need.
A Singapore math PR article by Dougles Chan - Search Engine Guru - Best SEO companies in Singapore and globally.
Contact Dougles Chan @ +(65) 9388 0851 or email to dc@dougleschan.com for more information on how to make your website to be the top in Google.
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