Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Private Student Loans and other Student Loan topics.
Private education loans are meant to bridge the gap between other forms of financial aid and your cost of attendance. It's a good idea to get an early start looking at what various lenders offer, but don't rush in and apply without reviewing all your options.
The first thing you should do is explore all your options for scholarships, grants and federal aid. Scholarships and grants are the first avenue you should check out. These are sources of money for school that don't have to be paid back. The more free money you can get, the less debt you'll have after you graduate. There are vast resources available for scholarships and grants, as well as financial aid offered directly from your school.
After you add up your scholarships, grants and federal aid, compare how much money you have with how much you need and apply for alternative student loans to help fill the gap. Aim for the lowest interest rates and best borrower benefits to get the best deal.
|Jennifer Mathes, Ph.D.|