Surviving Student Loans and College Debt

Congratulations, you’re going to college! But now you have to borrow money. This requires researching different loan and grant options and filling up long forms, all of which can be confusing. You may have seen private ads such as these for private loans on television or YouTube. With the Think Student Loan, you can get up to $40,000 to go to school. The money is sent directly to you. You don’t have to pay a cent until after you graduate. With the Strive you can borrow up to $40,000 a year and get your check in about a week. It’s the smart way to borrow. And payments don’t serve until after you’re out of school. Your check is sent directly to you.

Applying for a Think Student Loan is fast and easy. But remember that federally subsidized loans like the Stafford and Perkins loans tend to be much cheaper. Federal loans are also paid back after graduation but the difference is that the interest on the subsidized loans doesn’t build up on them while students are in school. Private loans on the other hand usually compound and grow while students are in school. This means if you wait to pay until after graduation, you could end up with overwhelming debt. I also suggest students should not skip filling up the FAFSA and miss out on these cheaper federal loans. Let me leave you at least three tips.

First, maximize federal loans. Be sure to fill out the FAFSA to make sure whether you’re eligible for additional assistance. Second, don’t take out more money than necessary. Many schools, especially public ones are friable without the help of private loans at all. If you do need to take a private loan, make sure to check the interests and fees before signing out. And third, seek advice from your financial aid office. They can point you towards loans and grants that make the most sense for you. I’m Kimberly Palmer, Senior Editor for US News and World Report.