Best Student Loans for College
Students who are trying to go to college have to face hard decisions. In order to keep the cost of your college education under control you must choose the type of school which is affordable for you or your family. If you want the best student loans for college then the first thing that you must do is determine the right amount of debt you really want to be in after you graduate.
Try to set a realistic amount. The average debt of graduating seniors is over $19,000. Some financial officers suggest that the reasonable amount of debt for a graduating student be less than $5,000. This cost is equivalent to one year tuition fee of a private college. For students who are enrolled in public colleges, they have to pay in-state tuition which can cost between $3,000 and $6,000 each year. So, a student who belongs to this group can borrow $12,000 or less.
After deciding on the reasonable amount for your student loan then the next thing that you can do is to choose the best student loans for college. Most students prefer the federal student loan programs because they have low interest. They usually choose:
- The Perkins student loan which is the cheapest since it only has a very low interest rate. But you can only get this type of loan if you are one of those students who are in extreme need of financial assistance.
- The Stafford student loan is one of the best student loans for college because it has a low fixed interest rate. It’s the best deal since any student can get this type of student loan.
The interest of your chosen best student loans for college may increase as you go through college but you don’t have to start paying the loan until six months after graduation. However, if you can qualify for the subsidized Stafford loan based on your financial need then the government can pay the interest of your loan while you are still studying.
Despite having lots of advantages, some student still do not apply for the Stafford student loans simple because they do not take the time to talk to the financial aid office or fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA is a requirement for applying for the Stafford student loan.
It might take some time to fill out but there are numerous benefits. Some benefits include low interest rates, delay of repayment, and the renegotiation of loan terms in order to have low payments.
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