A student loan is a perfect solution if you want to get a college education, but you are financially incapable.It would provide you with the money that you could use to cover expenses such as tuition fees, books, rent for an apartment or dormitory, food allowance and other things that you will need in school.
If you are getting ready to get a student loan, here are important things that will serve as your guide to making sure that you won’t have problems in the future.
ONLY GET WHAT YOU NEED AND WHAT YOU CAN HANDLE TO PAY
Try to project your income once you start working for you to determine how much money you could spare to pay your loan off.This is to ensure that the amount that you will be getting from your loan is within your means.Also, try to get a ballpark figure of the expenses that you may have in college.Do not take out a loan that is more than what you need even if you are eligible to.Otherwise, you will just end up having more interest to pay that could prolong the repayment of your debt.
PRIORITIZE FEDERAL STUDENT LOANS
Before going to a private lending company, do your best to get any of the federal loans first.Loans from the government have a lower interest rate, in general, and the terms and options are more flexible compared to what most of the private companies have.
CONSIDER A CAREER IN THE PUBLIC SECTOR
Working for the government, public sector or public service has special privileges when it comes to a student loan.After making prompt payments for at least ten years, you may file an application for your student loan to be discharged.
MAKE YOUR FREE TIME PRODUCTIVE
Once you get to college, you can utilize your free time to earn money.Get a part time job if your schedule in school allows you.The money that you can earn will help you cover your extra expenses.And with this, getting an additional student loan is avoided.You can also ask the college that you are going to attend if you can work for them as a library assistant or any other jobs available.
Think twice before you spend your money.Avoid buying things that you do not really need.Prioritize your ‘needs’ and let your ‘wants’ wait.