Do you have a big dream and want to continue your study do not have the money? Do not worry, these days there are many options you can take to get a student loan easily even when you cannot afford much cash just yet. Every year, there are federal loans offered with fixed interest rates, even if you have a good or poor performance for credits. However, you might want to compare it with others that have a wide-ranging interest rates, such as private student loans. Here are some tips and tricks you can use to consider to get a student loan easily.
- Fill In Your FAFSA
Before you try to get a student loan easily, go visit your school/college administration office. In each country, usually every school has their own capacity for their student’s financial aid. The first thing you need to do is to fetch yourself a FAFSA/ FAFGA, or what is known as free application for federal/government student aid.
Complete the whole application and figure out how much you can take every semester, such as scholarships, grants and work study. This kind of thing does not to be repaid, and once you know the exact amount, you can start with calculating the financial aid they give and the gap you need to cover up.
- Opt for Federal Loans
Once you fully get exact amount you need to pay, you can get a student loan easily by taking a federal loan, or the loan that state your country offers in the financial aid award letter. This might be the best option, since it does not need a credit history or even a co-signer, the person who will ensure you can pay all debt by the time you graduate. Compared to a private student loan, they will also aid you with protections or other more lenient services, such as loan forgiveness. They are usually subsidized, so it will be free of any interest rate, which will make it much easier to pay off the debts.
- Look for A Private Student Loan
If you cannot find any of federal loans, you may get a student loan easily by looking up a private loan. There are many institutions you can go after, such as banks, online lenders or even credit unions. Commonly, private lenders do not require you to have a cosigner, which might make it easier. However, you need to see all the requirements as well, for some others might want one to be reassured. You also have to take notes of the repayment flexibility and the interest rates, as it may vary from one to another. You need to be careful as well and look ahead before deciding to take one. Think of how much you can pay off every month in 5 years or maybe 10 years, depends on the length you take. You can use a student loan payment calculator, so it is well planned. Do not take another amount of money for the necessities that are unnecessary, or it might burden you once you are graduated.
Read also, How to Cope Financial Problem and Avoid Loans.