Government Student Loans Tips
The 1st thing you should do when applying Government Student Loans is completely fill in the FAFSA (Free application for federal student aid). The FAFSA can be found online, it's not only for loans but a scholarships and grants as well.
Generally, people's 1st. choice to get a financial assistance for education will go to government loans. Because of the lower interest rate and various benefits associated with the loan. The main purpose of government loan is to helping student to pursue for their higher education qualification.
Important tips you should know about government loans
1) If you taken the private loan 1st., you will not eligible for government loans.
2) You might get a few scholarships or grants, but it will not enough to cover the actual cost of the education.
3) If possible, try to lock in the interest rate instead of variable rate of the loan. If the rate fluctuate, you will pay more on the interest and probably will need to restructure of your loans.
4) When selecting a student loans, shop for numerous lenders & comparing their terms & rates. Make sure your are comparing "apple to apple".
5) Just borrow the exact amount you really need, do not borrow much. Because it will be your burden after graduate.
6) If you unable to repay the loan or wish to delay the payment, quickly contact the loans agent to get a financial advice or help. You may defer your payment, if you have sufficient reasons. Avoid payment default, cause federal government will require borrower to repay immediately whole outstanding amount immediately after consequent defaulting.
For more information, please check out Student Loans Guide instead of Government Student Loans Tips
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