| Student loans are a popular choice for funding a | | | | cost you the least amount of money over the life of |
| college education. Once the choice is made to use a | | | | the loan. Lenders that offer fixed rate loans are a |
| student loans, they will become a major part of your | | | | good choice. With fixed rate loans you don't have to |
| financial life for years to come. This is why it is | | | | worry about what the interest charges will be from |
| important to choose a lender that you will be able to | | | | month to month. |
| work with for the entire duration of the loan. While | | | | Repayment Plans |
| you are evaluating your student loan options, there | | | | A lender that offers a variety of repayment options |
| are a few important points to keep in mind. | | | | is also a good choice. Regardless of what you expect |
| Approval Method | | | | your income to be after graduation, you'll never |
| Income and credit history are two key factors | | | | know for sure until you reach that point. Remember, |
| considered by most private student loan lenders. If | | | | the hardest part about taking out a student loan is |
| you have a poor credit history, a low income, or | | | | repaying it. |
| both, it will be difficult to obtain a loan without a | | | | Forebearance and Deferment Options |
| co-signer. Without a co-signer, you will need to look | | | | Forebearance and deferment options allow you to |
| for alternative financing. | | | | temporarily halt your student loan payments in the |
| Federal student loans can be obtained without regard | | | | event you encounter some financial difficulties during |
| to credit or income. You must fill out a Free | | | | the life of the loan. This will give you the peace of |
| Application for Federal Student Aid, also known as a | | | | mind of knowing that you'll have one less bill to worry |
| FAFSA. Copies of the application can be obtained | | | | about while you focus on getting back on track |
| from the financial aid office at your school or online. | | | | financially. Without any forebearance and deferment |
| Loan Terms | | | | options, you'll be required to continue paying on your |
| One of the most important factors you should | | | | loan even if you have financial hardship. Be aware of |
| consider when choosing a student loan lender should | | | | each lender's options in this area as well as the |
| be the terms and conditions of the loan. Loan terms | | | | criteria for qualification. |
| include the amount of the loan, the interest rate, | | | | Keep each of these factors in mind while choosing a |
| whether the interest rate is variable, the grace | | | | student loan lender. Decide which points are most |
| period, and default conditions. Each lender will have | | | | important to you and look for a lender that offers |
| different lending terms. | | | | the best terms in that area. |
| You should choose the lender with terms that will | | | | |