Student Lo Student Loans Essay

1749 Words Sep 18th, 2016 7 Pages
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 don’t need to be paid back. Student loans, on the other hand, need to be repaid after school. The downside, you will have to pay it back whether you graduate or not. Before deciding whether to borrow or not, here are few things to consider. First, do some research. Make sure that your school of choice is the right fit for you, both educationally and financially. Second, a location. The amount of money you need to borrow will have a great impact on where your school is located. In-state schools or community colleges may cost less than out-of-state schools. Third, get an idea of your future income of how much money you can possibly make. Starting salaries can vary differently depending on your career path. Make sure that this will…

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