STUDENT LOAN
Student loans can either be from the Federal government or from a bank or private lending institutions. Federal Student Aid is an office of the U.S. Department of Education and is the largest provider of grants, loans, and work-study funds. In order to access this service, a student must fill up the Free Application for Federal Student Aid (FAFSA) online. Each January, a new FAFSA is available for the upcoming school year and it is free to sign up at fafsa.gov. Your selective colleges will use the information you provide on your FAFSA to figure out how much aid you are going to get. So it is important that you put your information accurately. But if you need to do some changes, you can go back anytime to do so. Grants and work-study …show more content…
According to Brianna McGurran’s “The Top 10 Benefits of Federal Student Loan”, first, an undergraduate student can get a federal loan even without a credit history considered he/she is enrolled and has a financial need. Second, once you’re a student, you don’t need a co-signer to get approved. Meaning, your financial responsibility is all yours. Third, Federal loans offer lower interest rate than on private loans. Its interest rate is fixed for the entire loan term. Fourth, you can postpone federal loan payments for up to three years if you can’t afford your payments temporarily. Fifth, the government pays the interest on subsidized federal loans for students who need greater financial assistance, both while in school or if you take a break from payments. Sixth, federal loans have seven repayment plans to choose from. Seven, it offers a loan forgiveness opportunities. Federal loans can be dissolved if you participate in an income-driven repayment plan or work at a nonprofit or for the government. Eight, it takes longer to go into default. This means federal loans gives you more time to get your payments on track if you fall behind. Your loans will only go into default after nine months of missed payments. At this point, the government can take money from your paycheck or tax return to recover your debt. Nine, you can consolidate your loans into one single payment. And last but not the least, federal loans will be …show more content…
Not only budgeting may save you some money, it will also save you from ending with too much debt after graduation. Ultimately, what is at stake here is you and your future. It is a must that you know your priorities and sticks with it. Challenges will always come across, regardless; it is you who will decide for yourself. So, take charge cautiously. To sum it all up, student loans may come in handy, but think about what is beneficial for you in the long run according to your priorities. Would you rather take the advantages of the student loan, federal loan specifically, or would you rather
Student loans can either be from the Federal government or from a bank or private lending institutions. Federal Student Aid is an office of the U.S. Department of Education and is the largest provider of grants, loans, and work-study funds. In order to access this service, a student must fill up the Free Application for Federal Student Aid (FAFSA) online. Each January, a new FAFSA is available for the upcoming school year and it is free to sign up at fafsa.gov. Your selective colleges will use the information you provide on your FAFSA to figure out how much aid you are going to get. So it is important that you put your information accurately. But if you need to do some changes, you can go back anytime to do so. Grants and work-study …show more content…
According to Brianna McGurran’s “The Top 10 Benefits of Federal Student Loan”, first, an undergraduate student can get a federal loan even without a credit history considered he/she is enrolled and has a financial need. Second, once you’re a student, you don’t need a co-signer to get approved. Meaning, your financial responsibility is all yours. Third, Federal loans offer lower interest rate than on private loans. Its interest rate is fixed for the entire loan term. Fourth, you can postpone federal loan payments for up to three years if you can’t afford your payments temporarily. Fifth, the government pays the interest on subsidized federal loans for students who need greater financial assistance, both while in school or if you take a break from payments. Sixth, federal loans have seven repayment plans to choose from. Seven, it offers a loan forgiveness opportunities. Federal loans can be dissolved if you participate in an income-driven repayment plan or work at a nonprofit or for the government. Eight, it takes longer to go into default. This means federal loans gives you more time to get your payments on track if you fall behind. Your loans will only go into default after nine months of missed payments. At this point, the government can take money from your paycheck or tax return to recover your debt. Nine, you can consolidate your loans into one single payment. And last but not the least, federal loans will be …show more content…
Not only budgeting may save you some money, it will also save you from ending with too much debt after graduation. Ultimately, what is at stake here is you and your future. It is a must that you know your priorities and sticks with it. Challenges will always come across, regardless; it is you who will decide for yourself. So, take charge cautiously. To sum it all up, student loans may come in handy, but think about what is beneficial for you in the long run according to your priorities. Would you rather take the advantages of the student loan, federal loan specifically, or would you rather