Before You Borrow, Here’s What You Should Know About Student Loans

Borrowing money for college is a much bigger commitment than you might think, and there are a lot of factors to consider.

Have you considered taking out student loans to fund your own or your children’s education? Here’s what you need to know to get started:

Student loans from the federal government aren’t always the best option.

Long ago, private student loans were issued in exorbitant amounts with variable interest rates, meaning that during the course of a 10-year repayment period, you could be charged a 4% interest rate at times and a 12% interest rate at other times. Payments could not only exceed $1,000 per month, but they could also differ by hundreds of dollars due to interest rate fluctuations.

Private student loans now have set interest rates that do not alter and are frequently less expensive than parent PLUS loans. Compare the interest rates on government parent loans to those offered by lenders like SoFi.

The loans given to students and those given to parents are vastly different.

Interest rates on Parent PLUS loans are greater than those on standard undergraduate student loans, repayment plan prices are higher, and the only cap is the cost of attendance.

Click It https://bit.ly/36r9YXi for Check Eligibility for private student loans is determined by credit score and income

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