Going Away to School? Here are Some Ways to Get a Student Loan
School Can be Expensive
Even though you might have heard bad things about student loans in the past, you might realize that this is one of the only ways that you will be able to pay for your education. It is true that college can be very expensive, and many people would not be able to attend if they didn’t have funding options, such as student loans.
If you have never taken out one of these loans before, however, you could be unsure of how to get started. Luckily, there are a few options out there that can help you get the money that you need to enroll in college classes.
Consider Government Loans
One of your first steps should be to look into loans that are covered with government funding. Basically, the government will pay some of your interest while you are in school and will back the loan so that you will qualify, even if you have bad credit. This is one of the easiest and most effective ways to get a student loan with a reasonable interest rate. You will need to fill out the Federal Application for Financial Student Aid if you want to find out about this option. If you need more money, you can also talk to your parents about signing you up for one of the government-sponsored parent loans. This will help you get additional funding.
Look Into Private Loans
If you will not be able to get all of the money that you need from a government loan, you should look into your private loan options. If you do not have good credit or if you have not established a credit score yet, however, you will need to talk to a parent or other trusted loved one about co-signing with you.
One way to get started is by talking to someone from your local bank. If you already have a relationship with the bankers at your financial institution, it can make this process easier and a little less painful.
Try Other Options
Even though you might still need to apply for loans, you should look into options that you will not be required to pay back, such as scholarships and grants. This can provide you with more of the college money that you need without leaving you in debt, which can help you get the start that you need and deserve. Talk to someone from the financial aid office at your local college or from the counselor’s office at your high school to find out more about these options.