Your Personal Guide to Finding the Best Student Loans

Your Personal Guide to Finding the Best Student Loans Image via: www.pixabay.com Weigh your options When you are hunting for the best student loan rates, you should absolutely do your research. If you put all of your eggs into one basket, or all of your hope into one application, you could be missing out on some excellent rates. With that being said, it is possible and appropriate to apply for more than one loan program. Your credit score, or your cosigner’s credit score, will not be harmed in the process, but you must apply within a month to be safe. You need to apply within a short amount of time because you will make it more obvious that you are shopping for the best rate, rather than trying to create multiple lines of credit, which is not something you want to do! There are many factors to keep into consideration when hunting for the best student loan rates. You want to look at the monthly payments, the length of the loan term, the total end cost, and APR rates. A helpful tool to make these comparisons is Unigo’s eStudentLoan system. By using it, you will be able to compare rates from different banks and lenders to determine what you are eligible for and which program will best suit  your needs. Keep your repayment plan in mind Student loan programs will typically offer three methods of repaying your student loans. These methods are: paying off the loans (both principal and interest) right away, paying exclusively the interest while you are still in school, and deferring the payment of both your principal and your interest until after graduation (typically six months afterward). Keep in mind that the longer you wait to repay the loans, the more you will have to pay off in the future. Also, lenders often offer lower rates if you pay off your loans sooner rather than later. Some may even offer lower rates if you make some sort of payment while you are in school. It might be a good idea for you to start paying the interest rates on your student loans in order to knock down your debt by the time you graduate. When you are looking at student loan programs, be sure to pay close attention to the repayment plans before you apply. Doing so may save you a ton of money in the end. Image via: www.pixabay.com Take a breath I know. Hunting for student loans is extremely stressful and scary, especially when you have no idea what your income is going to be post-graduation. As someone who is taking out student loans, I understand your qualms but relax. Take a breath. Only take out the funds that you absolutely need in order to keep your interest rates low. Try your best to keep as many scholarships and grants coming in as possible. If you keep this advice in consideration, you will be able to find the best student loan rates possible. Good luck and happy hunting!