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What do you look for if you want to find student loans?
You search online for schools that offer student loan assistance.
You call your lender directly to ask them about student loans.
You ask your school’s financial aid department where they stand on finding student loans.
How do student loans differ between private lenders and government lenders?
Private lenders give out higher interest rates than the federal government does.
Private lenders require students to have a job before applying for any type of student loan.
Private lenders allow students to take longer time off work after graduation to pay their loans back.
Which student loan option should you choose?
Federal Direct Loan
Federal Perkins Loan
State Guaranteed Student Loan
The best way to deal with student loan debt is…
Paying them off in full as soon as possible.
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The Federal Government’s Direct Loan Program provides financial assistance to eligible students who attend school outside their home state. Students and parents generally pay less than 10% of the total loan amount while schools cover 90%. To qualify, applicants need to meet several requirements including being enrolled at least half-time; having a household income below $50,000 (if single) or below $60,000 (if married); and living more than 50 miles away from the student’s parent(s).
To apply for Direct Loans, you must submit a Free Application for Federal Student Aid (FAFSA) each year beginning with your sophomore year in high school. You may not receive any federal aid if you do not file the FAFSA. Your school then calculates whether you’re eligible based on information submitted through the FAFSA and determines how much money you’ll be awarded per year.
There are two types of loans: subsidized and unsubsidized. Subsidized loans have lower interest rates and require repayment until after graduation. Unsubsidized loans offer higher interest rates and allow for payment throughout the entire duration of study. Both options are subject to change annually.
If you plan on attending college, take advantage of the federal programs available to help finance your education. If you don’t think you qualify now, keep reapplying until you find yourself approved!
More videos from the team:
10 Things That Happen When You Start Going To School – College Confidential
Find Student Loans
How do I find student loans?
The first step to securing any loan is finding a lender. There are two ways to go about doing this; either by applying at a bank or going online. Banks require some basic information before applying for a loan. Information should include your name, address, employment history, financial status, degree program, etc. Online lenders are less formal than banks and only ask for what they need to make sure you qualify. Typically, they don’t want to know anything personal about their borrowers. Another way to get a loan is to look at government programs. These programs are ideal for students who have no credit score, no job experience, but still want to go back to school.
What kind of student loans does Paypal offer?
PayPal offers four different kinds of student loans. These loans range from $500-$20,000 per year. You can choose between an unsecured private loan or an unsecured federal loan. Your repayment term ranges from seven to thirty years. When choosing a loan, always remember to consider interest rates, fees, and repayment terms.
Do I pay taxes on my student loans?
Yes! In fact, if you’re not aware of this, you’ll end up paying additional tax on the loan’s interest. This is normal and not considered extra money. If you were making payments on a mortgage, you would consider the same thing to be the same.
Is it possible to consolidate student loans?
Absolutely! Consolidating your student loans means that you will pay off one loan with the interest rate of another. This may seem like a great option since you won’t have to deal with a bunch of different loans. However, consolidation comes with its own set of pros and cons. Here are some things to keep in mind when looking into consolidating student loans.
Interest rates might lower after combining the loans
No longer receive a grace period
May lose certain rights associated with student loans
May increase the total amount owed over time
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Search for student loans
You can search online using Google. Enter “find student loans” into the search bar. There should be no less than 100 results. You can narrow your search further if you wish, e.g., “loans for students who attend NYU” could turn up results for only those who study at NYU.
Locate local financial aid offices
If you don’t find any lenders online, try looking at your nearest university’s financial aid office. Most colleges have some sort of official website where they advertise their financial aid programs. These websites may list various types of scholarships and grants, including loans. Make sure you check out these websites before you make your final decision about school.
Contact your parents
Your parents might know someone who works in a bank or finance company. Ask them if they would help you secure a loan. If not, ask them what type of lender they use, and then contact them directly.
Start putting money away each week for your education. You could put $20-$30 in a jar, or put it in a piggy bank and add to it over time. The more you save now, the easier it will be later on.
Apply for federal loans
Apply for federal loans after you get accepted to college. Before applying for federal loans, make sure that you pay off all your outstanding debts. Federal loans offer the best repayment options and lowest interest rates compared to private loans. If you miss payments, you risk losing valuable points towards future borrowing privileges.
Apply for state loans
As soon as you decide about your college, apply for state-specific loans. State schools often offer lower tuition, and thus smaller loans. Be careful not to sign anything until you read it thoroughly. Your school’s financial aid department will have information regarding the different types of loans. Read everything carefully and ask questions.
Scholarships aren’t always covered under federal loans, but they can be found elsewhere. Check your university’s website or talk to current students. You could even ask friends and family about scholarships that are being given out.
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