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"Once in debt, interest is your companion every minute of the day and night."
J. Reuben Clark
Student Loans
Stafford Loans
A common type of student loan is the Stafford Loan. It is a government backed student loan meant to help college students receive needed money without requiring a credit check.
Two common types of Stafford Student Loans you may receive are Subsidized or Unsubsized Loans.
Subsidized Stafford Loan
Subsidized student loans are loans that the government will pay the interest on while you are attending college classes. These loans will not have to be repaid or collect interest unless you drop below half time attendance or graduate with a degree.
Unsubsidized Stafford Loan
Unsubsidized student loans are loans that are collecting interest while you are attending school. These loans will not have to be repaid unless you drop below half time attendance or graduate with a degree.
Know Your Lender
Make sure you know which institution is handling your student loans currently for making payments and understanding the options available to you.
Don't Forget about Interest
Remember that interest not only collects on the amount borrowed, but also on the interest that you have accumulated so far.
Budget your money wisely and if possible, start paying back loans as soon as you can. Interest adds up quickly!
What is a Loan?
A loan is money that is borrowed from a person or institution and then paid back at a later time, often with interest.
Important Terms
Principle = amount borrowed
Interest = percentage charged on amount borrowed
Repayment = time you start making payments on a loan
Before You Get a Loan
Be sure to contact your Financial Aid office to discuss your loan options before taking out a loan. They will help you find which loan is right for you.
Accepting Loan Amounts
You do not have to accept the full amount of a student loan. Take only what you need. You can always get more money later if needed.
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