Some loan applications ask for a co-signer - usually a parent or guardian.įederal vs. For federal loans, for example, you just submit the FAFSA. Many student loans entail a simple application process. This means you can pay back more of the principal, or the original amount of the loan, each time you make a payment. The best student loans for college boast low interest rates. This allows you to focus on your coursework rather than worrying about making payments. In many cases, you aren't required to start repaying student loans until after you graduate. You'll then receive funds you can put toward educational expenses such as tuition, housing, textbooks, and university fees. How Do Student Loans Work?Ī college loan is similar to a car or home loan in that you compare your loan options before signing an agreement. In this guide, we cover student loan fundamentals, including what types of loans there are, how to apply for a loan, and the processes of student loan repayment and deferment. Before you apply for a college loan, be sure to consider multiple factors, such as the loan's interest rate and its potential long-term impact on your credit score and budget. Students typically take out loans after exhausting all other funding options. Unlike the former, however, loans must be paid back, usually with interest. Private loans for college can offer additional funding but often come with higher interest rates.Īlong with scholarships and grants, loans are one of the primary ways people fund their college education.All students can apply for federal student loans by filing the FAFSA.Unlike grants and scholarships, college loans must be paid back, typically with interest.Student loans are one of the main ways people fund their college education.The Public Ivies, Little Ivies, and Other Ivy League Equivalents.
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