Student Loans: Conclusion

  1. Student Loans: Introduction
  2. Student Loans: What Can You Afford To Borrow?
  3. Student Loans: Federal Loans
  4. Student Loans: Private Loans
  5. Student Loans: Loan Repayment
  6. Student Loans: Repayment During Financial Hardship
  7. Student Loans: Paying Off Your Debt Faster
  8. Student Loans: Federal Loan Consolidation
  9. Student Loans: Private Loan Consolidation
  10. Student Loans: Conclusion

Let's recap what we've learned about student loans:

  • How to pay for college is as complicated and as important a decision as which college to choose, what to major in and whether to live on or off campus.
  • Only borrow what you can afford to pay back after graduation based on income estimates in your career field.
  • Filling out a FAFSA form is crucial to securing student aid.
  • Exhaust federal funding options before applying for private loans.
  • Most private loans have variable interest rates, and initial rates vary based on yours or your cosigner's credit rating.
  • The standard federal loan repayment program lasts 10 years.
  • Public service employees and others with low incomes have additional options for repayment based on annual income.
  • Federal loan programs offer options for postponing payment during a financial hardship situation.
  • Federal consolidation can extend your loans up to 30 years.
  • Consolidating private loans is the best way to secure a fixed interest rate on your private student loans.
  • Managing your student debt borrowing based on what you can afford to repay is the best way to get an education and avoid financial trouble down the road.