Assessing how much you need to borrow to pay for school is a task you’ll probably have to figure out every year to ensure you cover all of your college expenses. All you need to do is follow a few steps to help you calculate your financial needs.
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The interest rate is important because it influences the overall cost of the loan. Understand the differences between fixed and variable interest rates to determine which is right for you.
Depending on your family’s financial situation, federal aid may cover some or all of your student’s tuition, housing, books, supplies and other college expenses. While some types of aid, like student loans, need to be repaid with interest, grants and work-study earnings do not need to be repaid. Qualifying for…
If you’re struggling to make ends meet, you may want to consider a deferment or forbearance. These options may help avoid becoming delinquent or defaulting on your loans.
As a borrower, you have certain responsibilities such as making on-time payments and staying in touch if you move. Understanding your obligations and the consequences of failing to repay your student loans is crucial in maintaining your financial health.
Repaying your student loans doesn’t have to be as stressful as you think. When you take the appropriate steps to get started, like figuring out when your grace period ends, you can manage your student loan debt.