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One of the questions most students are asking today is ‘How do I get a student loan?’, it seems to be at the top of everyone’s hot list and rightly so. Because once you have a financing plan in place with one student loan or multiple loans if necessary, everything else will fall into place. The stress will also be very less as you will have crossed the first major hurdle of your education and in fact it will help you to make a big impact on your future after your schooling.
Below we’ll look at some facts that can help you understand your options. I have simplified the answers somewhat so as not to confuse you with unnecessary gossip and I stick to what Detective Friday in the TV show Dragnet said, “Just give me the facts ma’am!”
just the Facts
Below is a list of tips and facts that are in no particular order, this is just a collection of useful tips that you can save, note down the ones that resonate with you, and throw the others away.
1. Before you decide to take any loan, it is advisable that you talk to your school counselor. They have their finger on the pulse and will have the latest information on student loans that applies to you and have the experience to help you narrow down your search for the right loan. While not all loans are right, the trick is to find the one that is perfect for you.
2. Many educational institutions are going paperless these days and many application forms are easily available for you to fill online from the comfort of your home.
3. The very first option you should consider while getting a loan is always to look at government loans first. They usually have very low interest rates and you can also have longer terms.
4. Government loans were established to provide for students who may be financially handicapped and/or may be affected by some other challenging situations in their lives so that more and more people are entitled to a decent education Can go
5. You can find federal student aid application forms online and apply online if needed.
6. Quote “There are 1.6 million ants for every human on earth” (this has nothing to do with student loans, I just wanted to see if you’re still awake).
7. After your FASA form is evaluated and completed, you will receive a Student Aid Report that tells you what loans you are eligible for.
8. Once you have got the loan, you do not need to accept it.
9. It is possible to access only a portion of your loan, this of course will depend on the terms of the specific loan provider, but it is possible.
10. Private loans typically have higher interest rates, but can be more flexible in the amount of money they can provide.
11. It is a real buyer’s market, in other words, you, as a borrower, are eagerly sought after by all these loan companies who are competing. This can benefit you even more as you can think of interactions and deal with them in a better way.
12. Most lenders will have an online portal where you can submit a loan application.
13. The Government PLUS loan system was established to help parents find the best type of government aid for their children.
14. It is probably necessary that your parents are with you when you fill out the government loan application as some of the information required will be given to them.
15. While filling any loan application, you will be required to provide detailed information about your current finances including loans, credit cards and other relevant information.
16. You will also need to provide details of all your co-signers, if you have one.
Last but not least…
17. “However, the total weight of those ants is almost equal to that of all humans”
I hope this has helped you decide which type of student loan would be the best fit for you, good luck with your studies.
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