how to pick a student loan

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Picking the right student loan can make a big difference when it comes time to repay your debt from college. If you鈥檙e unsure what type of loan to choose,a good rule of thumb is to pick one that offers alow interest rate,multiple repayment options and borrower protections.

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  • How do I choose the best private student loans?

  • Compare private loans from multiple lenders, including banks, credit unions and online platforms. Consider factors such as fees, interest rates and length of repayment, along with options to pause payments if you run into financial trouble. Most private student loan borrowers will need to apply with a co-signer because they lack credit.

  • How do I get a federal student loan?

  • How to get a federal student loan Start by submitting the FAFSA Submit a Free Application for Federal Student Aid, or FAFSA, to find out how much financial aid you may qualify for, such as grants,…

  • What type of student loans should I take out?

  • If you have to take out student loans, you essentially have two choices: federal student loans and private loans. For most borrowers, federal student loans are the best option. When you start to pay back your federal loans, the interest rate will be fixed, which will help you predict your payments after graduation.

  • What can I Borrow with my financial aid?

  • You鈥檒l be notified of what you can borrow in the financial aid award letter from any school that accepts you. There are two types of federal loans: subsidized and unsubsidized. Subsidized federal loans go to undergraduate students with a financial need. The subsidy covers the interest on the loan while you鈥檙e in school.

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