Despite the pandemic slowing down much of life and the world, we’re still on planet Earth – and we still need to pay student loans! Although there is much uncertainty at the moment over the specifics of how student loans will function and be paid across America, it’s still a safe bet that, as a student, you’ll need to explore your financial aid options.
Preparing for such an important part of life is a worthy thing to do. Today, we’re going over four important basic points to help ensure you’re on the right path with regard to your student loans and paying what needs to be paid.
Apply for aid first.
First and foremost, you’re going to want to start by going through your options for financial aid. A great way to do this is to make a free application using a Federal Student Aid form. This will help cover you in your enquiry to access money from the federal government (this covers your loans, work-study and grants, too).
You’ll also want to make sure that you are doing everything you can to obtain aid from other sources. A great example of this is your merit money, such as can be acquired through a private scholarship. You’ll also want to have a chat with any teaching or sports professional who was involved in your training, such as counsellors and coaches. They may be able to help.
Think federal next.
If you’ve made the mental decision that you need some financial help with paying for your education, it’s sensible to look over your options in regard to federal student loans. Generally speaking, people who apply for a federal student loan and are accepted will enjoy a payment arrangement that is more competitive than the general market can provide. In short, they’ll have lower repayment rates and generous terms in general.
The school in question will determine how much you can get, so be prepared for figures to vary. There are limits to borrowing, though. Be careful these aren’t exceeded. They’ll vary depending on whether you’re an undergrad, second-year or third-year and so on.
It’s also helpful to remember that unsubsidized loans are often available to students who are graduate or undergraduate – and they quite often come with no requirement to demonstrate financial need. Remember, borrow conservatively and be upfront if you have difficulties around repaying.
If you’re looking for an option beyond what is already listed, you can start exploring the world of private loans from providers like Everyday Loans. These are an option that can help you to get the funding you need to pay for your loans and get that education.
A key difference to keep in mind for private loans is that they are provided by lenders or, in many cases, brokers who work with a panel of lenders. Keep in mind that private loans are also provided by banks.
Private loans can be a helpful way to acquire financial support and can be assisted in by other individuals, such as parents when acting as a guarantor. This can help the applicant to be received more favourably, increasing their chances of success.
You may also find the flexibility of private loans appealing. For example, you may find it easier when applying for a private loan to arrange a schedule that has differed and interest-only payments in to help manage repayment instalment amounts.
Whatever your need and future for your education, we wish you the very best for the remainder of the year and for 2021 to follow it.