Funding Your Education – Understanding Student Loans

As an undergraduate you may have been lucky enough to have a family member who helped you with the financial aid process Many graduate students are tackling financial aid on their own for the first time

I hope that the content in this video and on our website will help you navigate that process Federal Direct Loans are available to most US citizens and permanent residents The money comes from the federal government and you apply through the school

The reason many students like this option is because it offers the most comprehensive, flexible repayment plan, repaying loans over the course of between 10 and 25 years And some of the options even allow you to repay based on your income Current interest rates and fees can be found at Studentloansgov There are many reasons you might choose to take out a private loan

First, not every student is eligible for a federal direct loan International citizens, for example, are not eligible to take out that type of loan Second, might be the interest rates and fees Interest rates for private loans can be competitive with federal direct loans, particularly if you have an exceptional credit score or your co-signer has a strong credit score Also, origination fees are common to federal loans but not common to private loans

That would reduce your overall cost If someone is hoping to help you with the cost of your education they can take out a loan on your behalf Often that would be a parent or a spouse who would be able to apply for a private student loan towards the cost of your education Finally, if you have an aggressive repayment plan after you graduate and don't anticipate needing the flexibility of federal repayment, then private loan might be a good fit for you Once you've decided whether you plan to take a federal or private loan I recommend that you run a repayment calculator

You can do this either through the federal direct loan site, Studentloansgov, or through the Elm platform that you're looking at private loans Or, there are lots of repayment calculators available online Once you do that, I will ask you through the aid confirmation forms sent in the spring what type of loan you plan to take and how much you'd like to borrow Since I know your expenses may be a little different than what you plan you can adjust loan amounts later in the year if you need to, but the maximum you can request is the total estimated cost on the website less any other resources such as scholarships, grants and other loans

Deciding between loans and financial information in general is very personal So while I hope you found this helpful, don't hesitate to reach out to me to discuss your personal situation The best way to get in touch with me is by email I'd be happy to set up a time to speak one on one

Source: Youtube

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