Student Loans: Conclusion
AAA
  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

Student Loans: Conclusion

By Reyna Gobel

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.

  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
RELATED TERMS
  1. Whartonite

    A graduate of the Wharton School of Business at the University ...
  2. Luhn Algorithm

    An algorithm used to validate a credit card number.
  3. Roll Rate

    The percentage of credit card users who become increasingly delinquent ...
  4. Truncation

    The requirement mandated by the FTC for merchants to shorten ...
  5. Purchase Money Security Interest (PMSI)

    A security interest or claim on property that enables a lender ...
  6. Linked Transfer Account

    Accounts held by an individual at a financial institution that ...
  1. Why is more interest paid over the life of a loan when it is capitalized?

    Learn what it means to capitalize interest on a loan. Understand why more interest is paid over the life of a loan when it ...
  2. What are the most common sources of funds given in a financial aid award letter?

    Read this article to learn about the four most common sources of funding given in a financial aid award letter sent to a ...
  3. What is the difference between "closed end credit" and a "line of credit?"

    Find out about the difference between closed-end credit and lines of credit, and how both closed- and open-end credit is ...
  4. What are the long-term effects of delinquent accounts?

    Find out more about loan delinquency, loan defaults and the long-term consequences of borrowers who are delinquent on their ...

You May Also Like

Related Tutorials
  1. Professionals

    Complete Guide To Corporate Finance

  2. Credit & Loans

    Credit Card Tutorial

  3. Credit & Loans

    Credit And Debt Management

  4. Savings

    529 Plan Tutorial

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!