Student Loan Tips
Apr
26
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:
- 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.
- 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.
- 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
April 26th, 2007 at 2:08 am
Our son is graduating in May. I hate to think of this big bill coming due. ugh
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