Personal Finance

Preparing to Get College Tuition Loans

By Angela

It’s finally over! You have survived high school and for better or for worse, your future lies ahead of you. Next stop on the horizon is post-secondary education. You’ve narrowed your focus, filled out the necessary applications, managed to be accepted by the college of your choice, and you are ready to buckle down, with one last hurdle to overcome…financial support.

Education is undoubtedly one of the best investments that you can make in your life. Unfortunately, it can be a very expensive investment, and not all of us are blessed with personal wealth or a financial safety net. You most certainly do not want to go through college constantly stressing over where you’ll get the money for your next tuition payment. So what now? It is not always easy to carry a heavy homework load while trying to work a part-time job, and even if that is possible, trying to organize work shifts around class schedules can be very tricky if not impossible.

Perhaps you are one of the fortunate ones, whose parents have been putting money away for your education since birth. Or, maybe you know someone who can provide you with an interest free loan, which will save you a great deal of money in the long run. For most however, neither of these two options apply. The majority of students, face the financial hurdle on their own more or less and are forced down the path of student loans, to pave the way for their higher education.

Some of the best options when it comes to financial aid to help you through college are student loans. If you are one of the many college students who need some financial help, below are 3 key pieces of information to help you get loans for college tuition.

Student Loan Options

Find out where you can get a student loan. Your usual options are federal loans, private banks, and other private lenders. Some colleges and universities offer student loans in partnership with a financial institution. For information on federal loans you can visit studentaid.ed.gov, and if you are thinking more along the lines of a private bank, make sure you compare at least two or three to ensure you’re getting the best rate, options and payment terms.

Complete the Requirements

If you are planning to get a federal student loan, you will need to show financial need, be enrolled in an eligible degree or program, maintain satisfactory academic progress, not be convicted of any crime, and not be in default of another student loan. If you are male and between the ages of 18 and 25, you will also need to register for the selective service. Proper documentation is essential throughout this process, so be sure to be thorough, and keep copies of everything in a file, in the event you need to refer to it in the future.

Find a Co-signer

You will need to find a co-signer or a guarantor if you are not eligible for a federal student loan. Many private student loan providers require that you have a co-signer so try to keep one in mind. Aside from this, you will need to get your credit report ready just in case the private student loan provider that you choose requires it.

By taking these three simple steps you’ll be in a much better position to get a student loan and ensure that payment for college isn’t a constant stress in your life while attending.

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