Article Advocates - Blogging and Content Management System
Welcome!

The Inside-Out Of College Loans

Submitted by Martin Martinez | RSS Feed | Add Comment | Bookmark Me! print

I have heard it said that education is the best investment. Whoever said that could probably afford their college fees. Don't get me wrong. Certainly I am all for higher education. At the same time, I am not a votary of being under unnecessary debt. This is where the contradiction arises.

What complicates this conundrum is the fact that if you go to college, you are more likely to be able to pay your debts. So you have to get an educational loan (and a college education) to be able to repay loans in the future. I guess you can see why I call it a conundrum!

First of all, realize that you can get a college loan. Sounds obvious, right? Not really! I have heard of many candidates who hesitate applying for a college loan as they have a poor credit history. Surely, poor credit history will make it tougher to get an educational loan. But, it is far from impossible. In fact, I think that going ahead and getting a good education is one of the great methods of trying to come out of a financial jam.

Having said that, I do not want to sound like I am very forgiving of a loan-tangle. Barring exceptions, most people get into a debt trap due to irresponsibility. So, do the adult thing today and acknowledge fault. Then promise yourself that you will do the right thing after college and repay all your existing loans – including your student loan.

When looking for a students loan, make sure to explore the usual options first: The Subsidized / Unsubsidized Stafford Loan, the Federal Perkins Loan, the Federal+ loan for parents, the Direct PLUS loan, the Federal consolidation loan, the Private student loans, and the like.

What you need to keep in mind is: Is the specific loan you are applying to available for undergraduate studies or graduate studies (or both)? Is the loan need based or merit based? What documents will you need to demonstrate financial need? Are there any specific loan options available to you if you are applying to specific programs, e.g., Federal Nursing Loan and the Health Professions Student Loans?

Keeping all this in mind will be a good first step towards getting a students loan. Remember your education should be a stepping stone to a better life, not a means to get stuck into a deeper financial hole.

Contact Us
Support and Sales
Contact Us


Associated Articles:
Bad Credit Loan -- Let’s Cut Through the Hype! - Do you need a loan but have bad credit? Then you MUST learn a few facts your potential lender doesn'...
10 Practical Steps To Becoming Debt Free In 3 To 5 Years - This article provides 10 practical steps or ideas to help you become debt free in three to five year...
'Help The Court Has Seized My Assets' - Garnishment In Law And Practice - A court order that seizes assets from the defendant to pay off a debt is known as Garnishment. One f...
Your Credit History: What Gets Reported And What Does Not - A credit report is a document that outlines your financial status, specifically your credit history....
Wipe Away That Holiday Debt - It’s that time of year again, and homeowners from coast to coast are feeling the pinch in their...
Why Use Cash Advance Features? - Although credit cards are generally used for purchasing goods in shops and online, they can also pro...
Why Managing Money Is Important For Students - Did you know that you can deduct up to twenty five hundred dollars from your student loans interest?...
Why Knowing Your Credit Score Can Save You From Bankruptcy - Having a copy of your credit score can most often mean the difference between going deeper into debt...
Why Is Life Insurance Important? - There are many things in life that the average household can live without, but life insurance should...
Why Are Business Loans Important? - If you are running your own business, then you probably know that it can sometimes be hard to find t...

Related Tags (related articles): Student Loan (345), college loans (13)