Just like that summer is over and school has started again. Even if you’re only a freshman the thought of student loans and repayment can be a dark cloud that looms over your four, or more, years at a university. We’ve compiled information that may help when you’re taking out loans, as well as repayment once you’ve graduated.
Make sure to fill out your Free Application for Federal Student Aid early. There are some deadlines and certain types of financial aid that may have limited funds. The FAFSA is filled out every year and determines your eligibility for financial aid. The FAFSA application for the 2017-2018 school year is currently available on their website.
Financial Aid Advisors
One of the most beneficial things you can do is speak to an advisor about financial aid. Asking questions about loans and repayment can save you time and money in the long run. Some beneficial questions could be: What types of aid are available? How much aid do I need? What are all of my options for repayment? When will I have to begin repayment? Can I get a sample repayment schedule? Knowing the big picture of your loan will help you to avoid common mistakes such as taking out more funds than you need and paying a greater amount in interest.
Whether you get federal aid or a private loan you’ll eventually have to pay back that loan. There are several options from deferment until after you graduate to full monthly payments during school. Depending on your status as a student and finances any number of options could work for you. The Student Loan Hero website is a great resource for all things financial aid and outlines most repayment options.