Loans Blog

Getting a student loan is a great idea to further your education. But, there are things that you need to look for when deciding on what kind of loan you are going to choose.

Make sure you look at the repayment schedule- This is when you will start paying off your student loan. Sometimes you’ll have to start paying your loans off 6 months after you graduate and sometimes it can be a year after. You will even come across loans that you will have to start paying off immediately or right after you graduate. You will want to consider having the time to find a job so that you can afford to pay off your loans.

Check out the interest rate-
There are so many loans out there that are competing for your business so make sure you do your research. Try and find the lowest interest rate possible. Don’t just settle for any loan that you come across, or you’ll end up paying way more than you need to.

Watch out for fees-
Some loans have fees associated with them. If you decide on a loan with fees, make sure to take that amount into consideration before you move forward with that particular student loan. Chances are you won’t come out of school with a job right away and you need to make sure your loan payments are affordable.

Compare before you decide-
Don’t be afraid to look around. Start early and do your research. There are hundreds of student loans out there and don’t just go with the first one you see. Compare loans with one another and find the best student loan for you.

Beware of hidden extras-
If your loan comes with any little extras like an extra credit line or possibly a student credit card, keep looking! These little extras may seem appealing at the time, but have the opportunity to put you even further into debt. Get what you need, which is a student loan. If later down the road you need a student credit card (and you have the money to pay it off) then go ahead and get one.

You don’t want to spend your whole college career racking up unnecessary debt because there is a pretty good chance you won’t find your dream job right out of college and all of this debt will be on your shoulders. Just make sure to research and only take out loans for you what absolutely need!