Student Loan Tips

My husband and I were talking recently about what a good decision it was for my husband to take out a federal student loan to finish paying off my Private student loan. The loan I got started off with a 5% interest rate that was to be paid monthly and it just kept going up and when it got to close to 9% we knew we had to pay it off that next month.

Since I was an international student I was only able to get private loans and since I did not have a lot of time from when I first got my acceptance letter to the time I left for Salt Lake City to go to school I did not do a lot of research and I went with the first American loan company I found that accepted Canadians. I showed it to my Dad and he said it looked good so I went for it.

From personal experience my advice for those looking into getting student loans are:

  1. Don’t take out more than you need. Start with the minium you think you need, you can always take out more if you need to.
  2. Never pay the minimum payment requirement, if you pay a little more each month you will have your loan paid off quicker. Try this student loan calculator to see how long it will take you to pay off your loan.
  3. If you are able to try and get federal student loans instead of private student loans as federal loans are usually interest free until 6 months after you graduate.

If you have any tips please share them with us!

This post is brought to you by: www.premierstudentloan.com


One Response to “Student Loan Tips”

  1. Karen Says:

    Our son is graduating in May. I hate to think of this big bill coming due. ugh

    [Reply]

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