College Loans Blog
Monday, November 3rd, 2008We’ve all got money on our minds these days, so that’s why it’s so important that you are well-informed about the process of applying for and paying off your student loans. CampusCompare wants to fill you in on the basic details of the student loan procedure!
You can apply for two federal student loans—the Perkins Loan and the Stafford Loan. Both loans offer a six to nine month grace period after graduation for you to have time to get a job before you begin full loan repayment.
You will be approved for either a subsidized or unsubsidized loan. The difference between subsidized and unsubsidized lies in who pays the interest while you are in school. For a subsidized loan, your interest is paid by the government until you graduate. Subsidized loans are usually given to lower-income students. With an unsubsidized loan, the student is responsible to pay the interest during school.
Remember, it is absolutely essential that you begin paying off your loans on time—not doing so can be detrimental to your financial future! So you must be prepared, and finding yourself a good financial aid calculator is a good start. Also, take the time to consider going to a public college rather than a private. For example, the cost of going to the public school University of Massachusetts at Amherst is less than half that of going to Boston University, a private college.
But don’t let your dreams die over the dollar—there is still hope yet that you can afford your dream school. To learn more about the student loan process, check out sites like the College Loan Corporation, a top 10 private student loan provider who has helps students and families pay for college with their expert loan advice. Hope that helps you on your way to your ideal fiscal future!
