Start your college journey with smart financial planning. Apply for student loans wisely to avoid high interest rates and limited repayment options.
If you’re one of the millions of individuals planning to attend college this year, chances are you’ll soon be in the market for student loans. More than half of all undergraduate students take on some form of college debt throughout their time in post-secondary school, according to a Bankrate report. But where do you start? And how do you actually apply for this type of financial aid?
Federal loans often come with borrowing limits. Indeed, undergraduate federal loans come with borrowing limitations that restrict borrowers to between $5,500 and $7,500 for each academic year, with a lifetime maximum amount of $31,000; that said, independent students over the age of 24, however, may borrow between $9,500 and $12,500 per year, for a total amount of $57,500 throughout their college career.
Interest rates for private loans are determined by the bank, credit union or other lender offering the loan. These can come as either fixed rates, which means they will not change through the life of the loan, or as variable rates, which means they can go up or down depending on market conditions. Research available loan options Depending on the type of student you are and what kind of loan you are applying for, there are various options available for federal subsidized loans, federal unsubsidized loans, and private loans:
Research scholarships and grants There are thousands of available scholarships and grants offered by individual schools, employers, private companies and nonprofit organizations, as well as religious groups and other social organizations. These can be merit-based, which are earned by standards determined by the individual scholarship giver, or they can be granted based on an academic achievement, talent, personal trait or interest.
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