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10 Key Tips For Student Borrowing

Aug 13, 2008
If you are searching for student loans at the moment then here are 10 things which you might like to think about before you commit yourself to any loan:

1. Begin your search by looking at the award letter for your course and calculate just which need based loans you can apply for and how much money these loans would give you.

2. Look at your total financial picture including things like your education costs, the availability of any scholarship or grant money and money which will be provided by your family and then calculate how much money you need to borrow.

3. Do Not borrow more than you need. Regardless of the amount of money that a lender offer you, never borrow more than you need for your short and medium term needs.

4. Look at working as an alternative, or supplement, to borrowing. While working at a job while you are attending college might seem like an additional burden it could well be far better than struggling with high repayments on your loans after college.

5. Apply for a student loan as soon as you can. You want to make sure that you get the loan you need and that your money is in place before your bills start arriving, so do not hang around once you know how much you need to borrow and go ahead and get your application in without delay.

6. Be careful to follow the instruction on any loan application to the letter as mistakes may well result in your application being rejected or to a delay in you receiving your money.

7. When you are applying for Stafford or Direct student loans you ought not to be surprised when the amount you receive is lower than the amount you applied for as a fee of about 4% will be deducted from your loan before the loan check is sent out to your college.

8. As soon as you have your first student loan you need to keep a track of your borrowing to determine just what your monthly repayments are going to be at a later date. It is far too easy to get lulled into a false sense of security as long as you are attending college and not having to make repayments, but you might well be in surprised once you have left college when you see what your monthly repayments are. There are several student loan calculators available online which will look after the complicated repayment mathematics for you.

9. If, having taken on the maximum amount of federal loan debt, you find that you need to take out further loans from a private lender then you need to seek professional advice before starting your search for that additional funding.

10. If you decide to take on additional private loan funding then you will have to carefully rework your budget to account for the servicing of any additional loans while you are in college.
About the Author
TheStudentLoansCenter.com provides detailed information on college loans and grants and also tells you how to get low interest student loans
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