|
Contributed by Alex Robb
|
Once you’ve received your FAFSA award letter, you’ll see the Department
of Education rarely covers all expenses. That means you have two
options: empty your bank account and pay off the rest, or get
student loan.
Here’s the CollegeCodex.com recommendation: get a student loan.
You need money to live on, money for food, trips home, alcohol,
whatever you choose. By emptying your bank account and paying off your
college expenses, you’ll have nothing. Student loans have incredibly
low interest rates and they feature a wonderful thing called
“deferment,” meaning you won’t owe a single cent until after you’ve
graduated.
Where do I find a student loan?
You won’t believe how many companies want your business. As a
result, you can shop around. Here are a couple resources:
- Direct Loans: These student loans are provided by the government,
and they will have the lowest interest rates anywhere. Visit their website at http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
- Your local bank: Find info online or at your branch
- Credit union: If you or your parents have the luxury of
belonging to a credit union, you’ll probably see better rates.
- Your college’s financing center: They’ll have a list of
local recommendations, but don’t feel obligated to use any of them.
- Online: Thousands of big name firms are available to give you
loans online, and that means you’ll be able to pay them either online
or through the mail.
Compare & contrast
Once you’ve shopped around at a few places, sent off a couple forms
requesting more info, read the fine print, see what each loan offers,
narrow down your list.
Next step: What to Look For in a Student Loan
|
