Student Loans Guide | Personal Finance Blogs | MySureFinance

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For students who are unable to get student loans, the fun and kicks of college might be virtually non- existent. Other financial challenges exist that you will have to deal with apart from the student books and Tuition. There are many students who leave their parents? houses at this point and it isn?t easy to pay their own living expenses.

Student loans can be the last resort especially for those who have so many courses and are paying their bills at the same time. The first time may not be easy though.

Luckily for the student, they can choose to obtain the federal student loans or the private student loans. You can be sure of low interest rates when you get the Federal student loans because of the government?s backing. But if a student prefers the private student loans then he/she should be prepared for higher interest rates and will need proof of credit worthiness.

Students can get either subsidized rates or unsubsidized rates whenever they collect student loans. Except if the interest is being paid by another person that is when rates may accrue while the student who takes the loan is still enrolled in school. Students who take these subsidized student loans stand a better chance of coping with school work because they don?t have to bother about accumulated interest.

Be prepared for accumulated interest if yours is the unsubsidized interest rate even while you are still a student. If the student can?t pay this accrued interest immediately it will keep adding to the original amount, even though the student will be given more time to pay off.

Don?t just fold your arms because you won?t get a federal loan without filling a FAFSA form. A profile application may be necessary for the college scholarship services. A FAFSA form is free while the college scholarship service?s application will cost some money.

Source: http://mysurefinance.com/student-loans-guide/

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