College is expensive. So expensive, that most people can pay for it all out of pocket. If you don’t have a college fund all saved up, you have to work to save, apply for scholarships, and look for grants. In fact, your probably already doing this frantically.
A lucky few are born into wealth. They are fortunate enough to have their parents foot the bill for their entire college education. Other people are really smart and get full scholarships to college.
The majority of us have to pay for college all on our own. We try to scrimp by attending a community college first, going to a state school, applying for every scholarship available, and saving whatever we can. Unfortunately, if we still come up small, we have to take out a loan.
As terrible as it sounds to have to take out a loan, if you can’t pay, you have to do it. As much as you despise to do it, it’s just what you need to do. Most college students will have to take out a student loan.
Government student loans are the first place you should look. They will always have the lowest interest rate compared to private loans, and especially compared to credit cards. The Stafford Loan should always be your first choice.
This affordable loan is available for use for college tuition at any two or four year university, college, or trade school. You are allowed to borrow up to $4,000 a year, every year. The Stafford Loan is available as subsidized or unsubsidized.
If you have fantastic financial need, you may qualify for a subsidized loan. With this loan type, the government will pay the interest on your loan throughout college and until six months after you graduate.
If you need to take out a loan for college, the Stafford loan should be the first place you look. It can help considerably. Just make sure you know you will have to pay it back and that you have a plot to do so.