How to Rate and Measure Your Private Loan
It’s getting close to that time again!
You’ve started getting occasional emails from professors about what textbooks you’ll need. Department stores are marking down their bright and colorful bathroom rugs, bed risers, and desk supplies. Your friends are starting to ask what day you’ll be moving back. Your first day back to college is coming up fast! Have you gotten your tuition bill yet?
If you’re like most college students, you’re no stranger to financial aid. You understand how federal loans work. You know that upon graduation, you’ll be given a six month grace period before you’re expected to start making payments. You know several payment plans are offered, and that as far as loans go, federal loans have a low interest rate.
While federal loans can help pay for college tuition, it’s not always the right answer for your circumstances. Not everyone qualifies for financial aid. Sometimes even after all is said and done, there’s just still not enough to cover the hundreds of dollars needed for textbooks. When this is the case, private student loans can be your answer to paying for college tuition.
Private student loans are offered by banks and other financial institutions, from national lenders, to local banks and credit unions, so you will have many options when searching for funding for college to find the best loan plans for your specific needs.
But how can you tell if you’re applying for a good loan, or for something that’s going to harshly empty your wallet for a decade after graduation? After all, borrowing money is still somewhat new to you! As a college student, you’re just getting your feet wet in debt. Let’s make sure you’re able to swim, and not sink, by getting your financial situation off to a good start.
Now that you’ll need to borrow money for your college education, you’ll want to make sure you’re getting what you really want, and that you fully understand the terms of your loan. Consider it to be one of your first steps in taking personal financial responsibility.
You can start by searching for a private student loan that fits your needs on a site like Simple Tuition. Tell them exactly how much you need to borrow, which college you’ll be attending, and they’ll show you an array of private loans you can choose from with clear interest rates and payback periods, so you can make the best decision. Simple Tuition just makes things simpler!
When you take an active role in your financial situation while you’re still in college, you’re better preparing yourself for your future. Upon graduation, you’ll know exactly what to expect when you receive your first student loan bill because you were able to take charge now!
The Cappex Team