For students and parents of college students, it is highly important you learn as much as you can regarding financing a college education. Blindly jumping into any student loans you find along the way, could result in financial disaster. We have complied 5 Student Loan Tips for Students and Parents that every student and parent of a college student should know:
1. Start early. Saving money for college, and taking AP classes while in high school will provide you with free college credits, and less money needed in student loans.
2. After high school, highly consider a community college for your first 2 years of study. This will save you loads in tuition and most community colleges have guarantee transfer programs to the local 4 year university if you can maintain a certain grade point average.
3. If you must go to a 4 year university right away, select in-state public universities. Private or out of state colleges are ALWAYS going to cost you more money.
4. Before you consider student loans, be sure to look for grants, scholarships, loan alternatives, and then apply for FAFSA. Doing things in this order will ensure that you get all the free money for college you can, which is the goal.
5. Private student loans should be your last resort, however if you must use a private student loan, you are really going to need to compare your options in order to make sure you are getting the best deal possible. NEVER take out more private student loans than you absolutely need. Spending your private student loan money on unrelated expenses will really damage you in the long run.
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