Guest Blog Post by Debra Johnson.
Student loans are to be taken seriously. They are helpful and great because you need help in school, but what many college students forget is what comes after graduation.
You are probably saying “well I will get a good paying job, I’ll be fine’.
Incorrect, you won’t always get that dream job straight out of college and living on your own is expensive. Here are tips to read over before you take out that student loan:
Research your options
Loans are not the best thing to have to your name. They are difficult to pay off and it can really damper your plans post college.
Do your homework and decide what option is best for you. Try getting financial aid in the form of a grant or scholarship; these are given that do not require pay back.
Ask for help
Ask your parents or a close relative for help first then go to your high school counselor or college financial aid department and ask for help. They will help you by showing your options and what they mean.
They can explain what interest is and where to take out. They will suggest borrowing from the government over a private company.
Private loan companies tend to have high interest rates and that will affect your bank account in the long run.
Take as little as possible
When it comes to taking out student loans some private loan companies will suggest you take out a lot when you don’t need too.
Take enough out to pay for the cost of classes, books and a little extra for any school related costs.
You can always get a part time job or look into a work-study program to help you pay the rest of the costs.
Write it down
Always keep track of your loans. You want to know the date you took it out, how much, who your lender was, who you worked with and any other details that you may want to remember when college is over.
Most lenders offer you online accounts to keep track, use it and use it often. Sign in regularly and keep tabs on it.
You typically have 6 months post-graduation to start making payments on your loans.
You should expect mail, emails and phone calls around this time. If you do not, you make the call.
Don’t wait around until you hear something because that could affect your loan status.
Opt to make smaller payments starting out and work your way up to larger payments each month to help you get used to the fact you are paying them off.
Try your best to get grants and scholarships and if you can’t, then work with professionals to help you decide on which loan is best for you. Take out only what you need and keep track.
It may seem okay and easy now but when you are on your own and ready to start your life, you will be making these monthly payments for the next 10-25 years. Choose wisely.
About the Author:
This guest post is contributed by Debra Johnson, blogger and editor of Liveinnanny.com