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.
Financial AdvisorThe worst thing to do with college debt is to ignore it. The best way to start tackling it is with a clear roadmap to financial freedom.
Personal FinanceNot all student loans are the same. Know what you're getting into before signing on the dotted line.
Personal FinanceTake a close look at the characteristics of private student loans before deciding it's the best path to take.
Personal FinanceStudent loans bridge the gap between college savings, scholarships and earnings from part-time work.
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Personal FinanceFederal Direct Loans are the most popular federal student loans. This list of benefits will explain why.
Personal FinanceThere's many available student debt repayment options and strategies, such as student loan initiatives and loan consolidation plans.
Personal FinanceHere's a breakdown of how taking out student loans will affect your credit score.