Private†education loans are meant to bridge the gap between other forms of financial aid and the cost of attendance at your chosen college or university. It is a good idea to get an early start looking at the options offered through various lenders, but donít rush in and apply just yet.
The first thing you want to do is explore all your other aid sources. Scholarships and grants are the first avenue you should check out. These are sources of money for school that do not have to be paid back. The more free money you can get the less debt you will have after you graduate. There are vast resources available for scholarships and grants online as well as those offered directly from your school.
After you add up your federal financial aid and non-repayable sources, apply for the necessary funds in†alternative student loans. Shoot for the lowest interest rates and best borrower incentives and you can avoid a much larger debt in the future.
This is the best way to save money and fund your continuing education at the same time.
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|Jennifer Mathes, Ph.D.|