Student Loan Options
As a soon-to-be college student, you may have already received your college acceptance letters and are now focusing on school selection. Since college funding is a vital factor in college choice, you and your parents should research federal and private loan options while finalizing preparations to attend your chosen university. The SimpleTuition loan comparison tool can help you pick the right student loan for your specific needs.
In addition, consider the below tips when searching for student loans:
- Apply for Federal Loans First. Federal loans include Stafford Loans for students, PLUS for Parents, and GradPLUS for Graduate Students. Federal loans offer competitive, fixed interest rates.
- Use Private Student Loans to fill any funding gaps remaining after you've exhausted your other sources such as federal loans, personal contributions, grants, and scholarships.
- Contribute As Much As You Can. Remember that every dollar of debt you don't borrow now will save a lot of money down the road. Because the effect of compounded interest is not clear to many, pay close attention to the Total Cost of the Loan which is displayed with every loan comparison at SimpleTuition.com.
- Compare all Loan Details. A longer term length may help minimize monthly payments but it may also increase the total cost of the loan. Interest rates will change the monthly payment and total loan cost, so pay attention.
Good luck!
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