A Student Loan Guide
It can be a very daunting task to find the correct financial aid package but by doing just a bit of homework, several thousand dollars can be saved over the life of the loan itself. There are a few things about student loans that you should know about before taking out a loan.
There are three types of basic loans: direct loans, subsidized private loans and unsubsidized private loans. Also, the basic Stafford loan is available which comes with it a maximum interest rate of 6.8 percent. Even though the Stafford loans have a maximum 6.8 percent interest rate, many lenders will decrease that to as low as 5.5 percent.
You can have your student loan payments debited directly from your checking account to save another quarter or a half of a percentage point, but in spite of this, less than one in six borrowers sign up for this option.
Some lenders will allow you a grace period of 15 to 30 days, while others will consider your payment late if they do not receive it by the due date.
Some lenders will waive the 2.5 percent fee that is deducted from the Stafford loans. One thing here to be cautious about is the fact that if you later decide to consolidate your college loans with another lender, you may be forced to repay the fee.
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