Everything You Need to Know About Student Loans

Student loans provide the foundation for many of the most important learning opportunities that are so crucial for career and personal development. After high school, many people decide to continue their educational journey by entering into a college degree program. The qualifications you can earn while away at school can provide the backbone you need for your first career-focused job and for many promotions, changes, and advancements that will surely follow. The average American will hold around twelve jobs in their lifetime. All signs point to this rising over the coming years as the workplace becomes more competitive, profit-driven, and turnover-heavy.

Your college degree is the launch point for your first position and for the remaining decades of your career that will come after it. But funding this expense is something that many people struggle to comprehend with any certainty. This guide hopes to change that. After reading, you should better understand how college education and personal finance collide and how an auto loan calculator, mortgage lending opportunity, and a degree qualification all feed into one another at the most basic level.

Anyone entering an accredited program can secure funding.

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The United States government backs a loan scheme that allows for inclusive lending practices at a favorable interest rate, regardless of your credit score, history as a borrower, or even age (considering that some college freshmen still haven’t turned eighteen by their first day on campus). The FAFSA (Free Application for Federal Student Aid) is open to all college students. Securing the funding you require is as simple as sitting down to complete the necessary forms. Of course, it’s important to understand the types of financing that are available to you personally before accepting any student aid through the FAFSA application process.

Speak with a counselor for personalized advice.

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Speaking with a college counselor is often a great idea at this stage in the game. Indeed, college counseling is a necessary step for anyone thinking of going off to school. This is a big decision, and it’s not just about entering into collegiate education; you also have to consider the degree programs available at the universities you are thinking of applying to and how those programs might help you progress into the field that interests you most. College counseling can help you make sense of the application process and the quest to select the perfect degree program for your career aspirations, but these services can also help you squeeze the student aid process for all it’s worth.

All students are eligible for loans, but many can also secure grants, scholarships, and more. These are a great way to pay for your education because they don’t have to be repaid later (whereas a loan comes with this additional string attached). While a loan might not be the ideal way to start your financial journey as a newly minted high school graduate, the federal loans provided to students during this time are handed out with a highly favorable interest rate and flexible repayment terms that will fit with anyone’s budget, working schedules, and more. In addition, these loans are tailored to the unique circumstances that students face and, as a result, won’t require any monthly payments or accrue interest until months after you’ve finally graduated from your degree program.

In addition to federal funding, some students opt to add in personal loans from their local bank branch. If you’ve been banking with a particular financial institution for many years, taking out a loan with your branch might give you equally flexible and favorable monthly payment structures. This is worth some consideration, but the FAFSA-related aid options often provide the best bang for your buck.

With these key features in mind, getting the most out of your education while securing the funding required to pay for the endeavor doesn’t have to be a heartache or expansive challenges.

Miranda Adams