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Best student loan for the deserving student!

College education is expensive, no doubt about that! Have you ever tried to get a student loan for your future education? The depressing fact is that, further education is so expensive that it’s just impossible without a student loan. So where can you go to get the best student loan in the market?

A student loan is simply a way to borrow sufficient money to cover your education cost and to help pay for the costs of living alone on campus. Till the time you finish your education the loan is deferred, that means you don’t have to pay a penny. But the loan keeps collecting interest. Once you’ve passed out, you have a grace period of six months in which you can find a paying job and start repaying the loan. But Federal Grants and scholarships usually do not have to be repaid.

So what do I look for in the perfect loan?

    • Start by making a list of the loan amounts you will need and the lenders who are available. Then move down the list of lenders to compare offers and interest rates.
    • Making your student-loan payments electronically saves so much more .It can also gets you a 0.25% reduction on your interest rate from most lenders if you are prompt in your payments. Whether you plan to consolidate your loans or not, be sure to consider repayment discounts and other benefits in your loan package when selecting a lender. Depending on the lender, you may be able to reduce your balance tremendously, or reduce your rate by another 1% for making prompt payments.
    • One of the most beneficial ways to find the best student loan programs that will fit your need is to do extensive online research. There are so many agencies that offer student loans. You should know for your benefit that Federal law sets the maximum interest rates and fees that lenders may charge for federally guaranteed loans. Most of the better lending companies also offer a variety of student loan discounts and packages to attract students.
    • Most students may need more than one loan to cover the costs of attending school as well as household expenses. So, it is important to make sure that you get the best interest rates, repayment options and discounts available before you select a suitable lender. Most schools have a student finance office as well as a financial advisor who can help you select the proper loans and repayment schedules. Many schools may also have online finance officers who will help you with the college requirements.
    • Check all the terms and fine print carefully. Not all students are eligible for the benefits and discounts provided by the lenders. Choose the loan, which offers the best immediate discounts, such as no origination, and default fees, and other discounts. Benefits, which will kick in several years down the line, are no use because at that time you may have to consolidate your loans, which will negate any such discount. You could even get into financial trouble and go into default.
    • Get a list of preapproved lenders from your college, or from FinAid or the Education Finance Council as rates and loan terms of these preapproved lenders are fairly standard and you wont get cheated. Over the years, financial-aid offices of various colleges are trying to do the legwork for the students by vetting deals and acquiring the best terms on the market of their students. Then families and students are sent a list of these preferred lenders.

The Best student loan is usually dependent on your research but if you follow the instructions carefully and do your research throughly, you could land up with the best student loan in the market!

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