What is the Stafford Loan?
College is expensive. So expensive, that most people can pay for it all out of pocket. If you don't have a college fund all saved up, you have to work to save, apply for scholarships, and look for grants. In fact, your probably already doing this frantically.
A lucky few are born into wealth. They are fortunate enough to have their parents foot the bill for their entire college education. Other people are really smart and get full scholarships to college.
The majority of us have to pay for college all on our own. We try to scrimp by attending a community college first, going to a state school, applying for every scholarship available, and saving whatever we can. Unfortunately, if we still come up short, we have to take out a loan.
As bad as it sounds to have to take out a loan, if you can't pay, you have to do it. As much as you hate to do it, it's just what you need to do. Most college students will have to take out a student loan.
The first place you should look when getting a loan is with the government. Most other personal loans have much higher interest rates. You could even pay with a credit card if you want, but they will charge you a huge interest rate that you must avoid at all costs to save a lot of money. The first government student loan you should look at is the Stafford Loan.
The Stafford Loan can be used for any 2 or 4 year college, university, or trade school. It must be used for tuition and you can borrow up to $4,000 each year. You can choose either a subsidized or unsubsidized loan.
If you are in great financial need, you can get the subsidized loan in which the government will pay the interest on the loan until six months after you graduate. If you don't show great financial need, you can still get the unsubsidized loan in which the government won't pay any interest.
If you need to take out a loan for college, the Stafford loan should be the first place you look. It can help considerably. Just make sure you know you will have to pay it back and that you have a plan to do so.
A lucky few are born into wealth. They are fortunate enough to have their parents foot the bill for their entire college education. Other people are really smart and get full scholarships to college.
The majority of us have to pay for college all on our own. We try to scrimp by attending a community college first, going to a state school, applying for every scholarship available, and saving whatever we can. Unfortunately, if we still come up short, we have to take out a loan.
As bad as it sounds to have to take out a loan, if you can't pay, you have to do it. As much as you hate to do it, it's just what you need to do. Most college students will have to take out a student loan.
The first place you should look when getting a loan is with the government. Most other personal loans have much higher interest rates. You could even pay with a credit card if you want, but they will charge you a huge interest rate that you must avoid at all costs to save a lot of money. The first government student loan you should look at is the Stafford Loan.
The Stafford Loan can be used for any 2 or 4 year college, university, or trade school. It must be used for tuition and you can borrow up to $4,000 each year. You can choose either a subsidized or unsubsidized loan.
If you are in great financial need, you can get the subsidized loan in which the government will pay the interest on the loan until six months after you graduate. If you don't show great financial need, you can still get the unsubsidized loan in which the government won't pay any interest.
If you need to take out a loan for college, the Stafford loan should be the first place you look. It can help considerably. Just make sure you know you will have to pay it back and that you have a plan to do so.
About the Author:
Once you graduate, you need to repay your every student loan. Paying off every student loan can be tough. You may need to look into student loan debt consolidation.
posted by Debt Consolidation Loan at
10:22 AM
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