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Finding the Best Student Loan for You

Finding a student loan that bests suits you is a lot like taking a class. You must study and do your homework faithfully to avoid costly errors and frustration when repayment time comes around.

Investing time into the process of finding your student loan provider can save you thousands in the long run and you will thank yourself after graduation. The temptation to take the first loan you cross can be overwhelming as your excitement to start school and enjoy your summer may overpower your senses. Do not make that mistake. There are many loan providers fighting for your business and you should let them. Everything from a lower interest rate and more lenient repayment terms are at stake. Starting your search with federal loans makes sense. They offer a fixed interest rate, flexible repayment terms and sometimes a government subsidy for part of the interest. The federal Perkins loan is preferred as you can qualify for up to $4,000 a year at a fixed interest rate of 5%, The government will pay the interest until after graduation when repayment begins. You can choose to defer payment for up to nine months after graduation and pay over ten years. Social workers and teachers who work in low income areas can possibly qualify to have their student loans forgiven. If you are unable to qualify for Perkins look into Stafford loans. This loan carries a reasonable interest rate and is available to any student who applies.

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