Federal Student Loans are available to anybody that goes to college and fills out a FAFSA.
But college students need to be aware of the debt level they have when they graduate. It can be a huge load on your finances. Students don't normally think about this. They just like the money in the bank.
Don't make mistakes when it comes to student loans.
Borrow ONLY the amount of money you need to pay for college. This may be substantially less than what is offered. It may seem great to have more money, but college students have a tendency to go through it quick if it's there. You will one day need to pay it back. If you get more money than you need, and you have fun like movies, music, even Spring Break, you will be paying this off for years. You are delaying when you will be on a strong financial footing by getting into unneeded debt.
Watch your major. Will you get a great paying job right out of college and be able to make student loan payments with ease? Or do you know you will get a lower salary before working your way up? Will you always have a lower salary? These questions need to be answered before taking out any loans. It may not be worth it to pay such a large sum of money with a loan for a low paying job.
Don't think student loans first. There are many options of free money for college you need to exhaust before taking out a big loan. There are scholarships and grants like Federal Pell Grants.
Research the repayment terms. All direct student loans are done by the federal government now and there are various good repayment plans. But private student loans are another matter. These will be based on your credit and they are more stringent as far as repaying them. If you can't make the payments, it will effect your credit score.
You should plan on cutting your expense to make college cheaper. You don't have to live like you have a never ending supply of money. You need to live like a broke college student. Watch how you spend your money. Visit our Ways of Saving Money in College page. You don't want to be making payments for years on past trips to the movies!
>> 5 jobs college students can get now.
>> College students and credit cards.
>> Repaying Student loans.