How to pay for college is as complicated and important a decision as which college to choose, what to major in and whether to live on or off campus. Because if you don't have (or know where to get) at least $20,000 to go to a state college for four years, your college dreams will be shattered before you even set foot on campus for orientation.
Student loans bridge the gap between what you and/or your parents have saved for your education, the scholarships you receive and the part-time work you expect to acquire to complete the puzzle. The student loan puzzle is also for those who already have student debt and need to determine their options for combining loans, reducing payments and paying off their student loan debt faster than they anticipated. Here's we'll address every aspect of student loans, from applying for one to paying it off.
Student Loan Benefits
The benefits to borrowing for your education seem limitless. You'll have the chance to work in your chosen career field because you'll have the money to complete college. If your loans cover all your expenses, you won't have to work as much, or at all, as you otherwise would have planned to while in school. With this newfound freedom, you can concentrate on your studies, work unpaid internships and/or engage in extra-curricular programs where you can explore different career fields that you wouldn't have had time for if you had to work your way through college.
How Student Loans Can Become a Burden
While student loans can help you pay for an education, many former students are learning the hard way that it would have been a good idea to base their student loan on the amount they will be able to afford in monthly payments after graduation.
During this tutorial, current and future students will learn how to obtain and pay off student loans. We'll also consider options available for repayment and consolidation – a valuable piece of information for those already saddled with student debt.Student Loans: What Can You Afford To Borrow?