| If you are currently looking for a student loan then here | | | | loan application as mistakes could well lead to your |
| are 10 things which you need to think about carefully | | | | application being turned down or to a delay in the |
| before committing yourself to a loan: | | | | receipt of funds. |
| 1. Begin your search by looking at the award letter for | | | | 7. If you are applying for Stafford or Direct student |
| your course and calculate just which need based loans | | | | loans then do not be surprised if the amount that is |
| you can apply for and how much money these loans | | | | paid to the college is less than the amount you signed |
| would give you. | | | | for because a fee of up to four percent will be |
| 2. Next, look at your full financial picture including such | | | | deducted from your loan. This deduction will be made |
| things as education costs, the provision of any grant or | | | | before the check is sent to your college. |
| scholarship money and money being provided by your | | | | 8. Once you have taken your first student loan you |
| family and determine how much money you need to | | | | should begin to keep a track of your borrowing so that |
| borrow. | | | | you know just what your monthly repayments will be |
| 3. Never borrow more than you need. Regardless of | | | | in the future. It is all too easy to be lulled into a false |
| how much money a lender offer you, do not borrow | | | | sense of security while you are at college and not |
| more than you need to meet your short and medium | | | | making repayments, but you might well be in for a |
| term needs. | | | | shock once you have left college and have to start |
| 4. Look at working as an alternative, or supplement, to | | | | making monthly repayments. You will find a number of |
| borrowing. While working at a job while you are | | | | student loan calculators available which will handle the |
| attending college might seem like an additional burden it | | | | complicated mathematics for you. |
| could well be far better than struggling with high | | | | 9. If, having taken on the maximum amount of federal |
| repayments on your loans after college. | | | | loan debt, you find that you need to take out further |
| 5. Apply for a student loan as soon as you can. You | | | | loans from a private lender then you need to seek |
| want to make sure that you get the loan you need | | | | professional advice before starting your search for |
| and that your money is in place before your bills start | | | | that additional funding. |
| arriving, so do not hang around once you know how | | | | 10. If you find yourself taking on private loan funding |
| much you need to borrow and go ahead and get your | | | | then you must carefully rework your college budget to |
| application in without delay. | | | | take account of the servicing of such additional loans |
| 6. Make sure that you follow the instruction on any | | | | while you are attending college. |