thecalculusgroup.com What You Need to Know About Student Loans

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thecalculusgroup.com What You Need to Know About
Student Loans

• thecalculusgroup.com Certified tips provider
  College expenses continue to soar and students
  are increasingly turning to student loans to
  finance their education. But the mistakes you
  make as a young college student can affect your
  later life so always make sure you understand the
  terms you are agreeing to. Keep reading to learn
  other ways to avoid costly student loan mistakes.
•  
• If you have any student loans, it's important to
  pay attention to what the pay back grace period
  is. This is the period of time after your
  graduation before your payment is due. When you
  stay on top of this, this will help you to
  maintain better financial control so that you
  don't incur any extra fees or bad credit marks.
•  
• Know your grace periods so you don't miss your
  first student loan payments after graduating
  college. Stafford loans typically give you six
  months before starting payments, but Perkins
  loans might go nine. Private loans are going to
  have repayment grace periods of their own
  choosing, so read the fine print for each
  particular loan.
•  
• If you can't make a payment on your loans because
  of unforeseen circumstances, don't worry. Many
  times, a lender will allow the payments to be
  pushed back if you make them aware of the issue
  in your life. However, this can make it to where
  you have higher interest rates and more to pay
  back.
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thecalculusgroup.com Certified tips provider When
paying off your loans, go about it in a certain
way. First, be sure to pay the monthly amount due
on each loan you have taken out. After that, pay
extra money to the next highest interest rate
loan. That way, you will end up spending a lesser
amount overall.   Know what you're signing when
it comes to student loans. Work with your student
loan adviser. Ask them about the important items
before signing. These include how much the loans
are, what kind of interest rates they will have,
and if you those rates can be lowered. You also
need to know your monthly payments, their due
dates, and any additional fees.   If you want to
apply for a student loan and your credit is not
very good, you should seek out a federal loan.
This is because these loans are not based on your
credit score. These loans are also good because
they offer more protection for you in the event
that you become unable to pay it back right
away.   Pay extra on your student loan payments
to lower your principle balance. Your payments
will be applied first to late fees, then to
interest, then to principle. Clearly, you should
avoid late fees by paying on time and chip away
at your principle by paying extra. This will
reduce your overall interest paid.  
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thecalculusgroup.com Certified tips provider For
those having a hard time with paying off their
student loans, IBR may be an option. This is a
federal program known as Income-Based Repayment.
It can let borrowers repay federal loans based on
how much they can afford instead of what's due.
The cap is about 15 percent of their
discretionary income.   Squeeze in as many
possible credit hours as you can to maximize your
student loans. Full-time is considered 9 to 12
hours per semester, take a few more to finish
school sooner. This will help reduce how much you
have to borrow.   To get the most out of your
student loan dollars, take a job so that you have
money to spend on personal expenses, rather than
having to incur additional debt. Whether you work
on campus or in a local restaurant or bar, having
those funds can make the difference between
success or failure with your degree.   To bring
in the greatest returns on your student loan, get
the most out of each day at school. Instead of
sleeping in until a few minutes before class, and
then running to class with your binder and
notebook flying, wake up earlier to get yourself
organized. You'll get better grades and make a
good impression.   To make sure that you do not
lose access to your student loan, review all of
the terms before signing the paperwork. If you do
not register for enough credit hours each
semester or do not maintain the correct grade
point average, your loans can be at risk. Know
the fine print!  
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Understand that taking on student loan debt is a
serious obligation. Make certain you understand
the terms and conditions of your loans. Remember
that late payments will cause the amount of
interest you owe to increase. Make firm plans and
take definite steps to fulfil your obligation.
Keep all paperwork pertaining to your
loans.   When you have finished your education,
and are about to leave your college, remember
that you must attend exit counselling for
students with student loans. This is a good
chance to get a clear understanding of your
obligations and your rights regarding the money
you have borrowed for school.   To get the most
out of your student loan dollars, consider
commuting from home while you attend university.
While your gasoline costs might be a bit higher,
your room and board costs should be significantly
lower. You won't have as much independence as
your friends, but your college will cost much
less.   thecalculusgroup.com Certified tips
provider. Knowing all of the pitfalls of student
loans is the best way to avoid them. Don't be
afraid to ask a what all of the terms and
conditions are and how they will affect your
finances in the future. So keep the advice from
above in mind and always borrow wisely.