Approximately 90% of college students feel that they do not have the information they need to pay off their student loans!1 What exactly do students need to know when taking out a student loan?
- Loan Type. There are several types of student loans: federal, private, state, and school-specific, to name a few. Your interest rates and payment conditions depend on the type of loan, so it is important to know which kind of loan you have.
- Interest Rate. Knowing the interest rate on your loan is essential to knowing how much you have to pay back. Interest rates are set for the entirety of your loan- they do not change.
- Repayment Process. Students need to know how long they have to pay back their loan, when they have to start paying back their loan, and how much they will need to pay monthly.
Make sure you're educated on the terms of any loan you're considering to ensure that you are getting the best deal and will be able to pay it back!