How to Rate and Measure Your Private Loan
Isn’t summer flying?
With everything you’ve been up to this summer, the sunny months must feel like seconds! One minute, you’re graduating high school, and the next, you’re putting the last over-stuffed box into the trunk of your car and are on your way to college. In all of the hustle and bustle of getting everything together for the big move, it can be easy to forget about making sure your tuition is completely covered and that you’re getting the best loans possible.
With federal student loans, you already know what you’re getting! You know upon graduation, you’ll have a low interest rate and some flexibility when it comes to making payments.
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, loans are probably new to you. As a college freshman, you don’t have much experience with loans, credit cards, and debt. That’s a great thing! There are tons of adults who wish their financial slate was as clean as yours Let’s preserve that spotlessness 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 your first step 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!
How does it feel to make adult decisions about your finances? Pretty powerful stuff! Get used to it, because you’re about to begin your life as an independent college student. If you liked making that decision, there are hundreds more to go!
The Cappex Team