Navigating Student Loans: Essential Tips for College-Bound Students
As college tuition costs continue to rise, student loans have become a necessity for many students. It is important to understand the basics of student loans, including the application process, important dates, the difference between federal and private loans, and managing loan repayment. Filling out the FAFSA is the first step in applying for federal student loans, while private loans can be applied for at any time. Federal loans generally offer lower interest rates and more repayment options. It is recommended to calculate the amount needed and return any excess loan money. Understanding interest rates and loan details is crucial before signing any loan agreement. Resources are available for students with questions about their loans, and it is advised to keep track of borrowing and consider making interest payments while in school.
