hello,

congrats on going to college! you need to first apply for the “free” money the feds provide – grants, scholarships, and fill out your FAFSA for financial aid funds….then you should take out a loan but not before u discuss it with your school first, they will tell you what loan company they use, I had sallie mae, b/c that is what my school had – I don’t like private loan companies, I prefer federal b/c the interest rates are usually lower b/c they have so many students getting loans. I barely had to pay for anything out of pocket while in school b/c my loans covered it all — until I graduated. Now I am in repayment 6 months later and I see that I have like $35,000 to pay back. they helped me set up a payment plan of about $250 month. KNOW how much you are borrowing each semester, take it from me. Get a job when you graduate – u have usually 6 months to start paying the loans back, you DO NOT want to default on a federal loan (or any loan for that matter) if you do, you won’t be able to get a car loan, bank loan for a home, etc….it is not that scary, all you have to do is budget to pay the money back each month and your financial aid counselors can help you work it all out, if you don’t understand what they are saying – speak up! You’re the one that has to pay it back, so make sure you know what they’re telling you. Make an appointment with them, after filling out the FAFSA. A word of advice for the FAFSA, file on it that you are an independent(that you are working or not working, you will need a copy of your income tax if you worked, or if you don’t work, you need a “did not file” form which you can get from the IRS they have a 1 800 number), not under your parents’ income b/c it will put your yearly income over, and you will not qualify for free aid.

well the benefit of taking out student loans is one way to pay for college unless if you have cash, scholarships or grants. Federal loans are the good loans and first to go for they have a low intrest rate the subsized loans are great while you are in school the goverment payes for intrest on them kind of loans the other unsub loans are accumilating intrests while in schl, the private loans comes last and now are hard loans to get there is a credit check employment check debt ratio should be under 45% and must be a citizen or have a I551 so you may need a co-signer for undergrad loans for grad loans you may not need if you have a credit report…..cash to pay for student loans is the best way to go if a person have it************