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How to Financially Get Through College
from:When you go to college, you have your future on your mind.
Choosing a major, meeting new friends and enjoying your
new-found independence can make college a very exciting time.
Books, car payments, tuition, life necessities, travel and lab
fees can also make college a very expensive part of your life.
Many students need a little help along the way. In fact, the
majority of students are now taking out student loans to get
them through these expensive years.
When you start shopping around for student loans, there are a
few things you should know. In the past, loans have been very
hard to obtain. Students could just about never qualify due to
the fact that almost every lender required a high-paying steady
job. Very few college students have the time or the experience
to get a qualifying job. Today, the rules are a lot more
lenient. Lenders recognize that students may not have money now,
but they are in college working on starting a career. Since
college educated employees should make considerably more money
than their non-educated peers, the potential for college
students to pay back loans is much higher than other people
without that high-paying steady job.
Be smart about the amount that you take out. Keep in mind that
lenders may be counting on your lack of experience with dealing
with money. They may have hefty penalties for late payments.
They may try to sneak in some yearly or monthly fees on top of
your annual percentage rate (APR). Make sure that you read the
fine print and compare many loans before accepting one. Check
payment schedules and pay attention to dates. Many companies
have a 28-30 day billing cycle, making your monthly payment due
just a little earlier each month. Over time, you may find your
payment due at the beginning of the month instead of the end.
Little traps like this are legal and it is up to you to pay
attention to the terms of the loan.
Make every payment on-time and pay more than the minimum if at
all possible. When you are in college, you are just starting out
on your personal credit journey. When your credit is fresh, one
late payment can be a major blemish on your record. This can bar
you from future car loans or mortgage loans. Use student loans,
which generally have better terms and payback options than
conventional loans, to build your credit and show your
responsibility on your credit.
About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loans and information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.
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