When you apply for a student loan to help pay for your education, what you may not realize is that you do not need to pay your loan back immediately. Typically you’ll have six months following graduation, or whenever you finish school, before you are required to make monthly repayments.
The student loan corporation will send regular statements detailing the payments you’ve received and how much interest has accumulated. As your loan will enable you get the job you really want once you have your intended qualifications, the best advice is to choose a Student Loan Corporation offering the lowest rates of interest and one that will provide all of the money you need to finish your education.
Step One: Approach Your School Financial Aid Office
Once you’ve decided on the school you’d like to attend, call in person with the financial aid office of that institution and ask for information about student loan corporations that offer the lowest interest rates. Don’t be tempted to accept just any old lender the financial aid office recommends. Pay particular attention to interest rates offered by each corporation. Doing so ensures that not only do you get the best deal available, it will also be easier to afford monthly payments as and when they become due. So choose wisely!
A Special Note on Interest
Always read the fine print contained in the application form of any loan corporation. You’ll notice a clause stating you won’t accumulate interest on your loan whilst attending school. Only following graduation or on leaving school will your student loan accumulate any interest. As there are numerous kinds of loans available, ensure you choose one you know you can repay, and one that has a sub-clause stating interest will be deferred during your period of school attendance.
Once you find the best deal on offer, you can proceed to make your loan application. If approved, expect to receive a check in the mail soon afterward. Your student loan should be used to pay for tuition, books, accommodation and other essentials whilst attending school. Choosing a good student loan corporation and making a successful application will present one less burden to think about, reduce stress and help you concentrate on what matters most – your education!