Student Loans: What to know by July 1

As a college student there will be many opportunities to participate in various student loans. In college, many decisions often boil down to money. While loans may seem like a great idea for a poor student, there are considerable factors to realize. First and foremost, the money is not "free" and the loanee will be expected to pay all of the loan plus the interest. Now, even though the interest rates for your loans are set at the beginning of July, your college usually is aware of them earlier, so speak with to the Financial Aid department towards the end of JUne and seeing if lower rates are available, because rates have a tendency to increase.

Should you consolidate your student loan?
Consolidating your loans makes all your loans grouped together usually in multiple monthly payments. Deciding for a s tudent loan consolidation is dificult so make sure to read everything on the brochure or website before signing up for any program. The interest rates may be too high due to your credit history (or complete lack of credit history) and the loan may be offering huge interest rates. Having a parent with a good history co-sign the loan is a perfect way to lower its interest.
A adviser for studnet loands is often found on campus in the financial aid office to help students avoid being in debt for years afer graduation and to help students choose a loan if its what they need.
Realize that consolidating your student loans will help you stay organized by keeping all the debt in single payments. Mke sure to know that eventually the money will have to be paid along with thee accrued interest, so make sure that your education will land a solid paying job prior to graduation. Also, don't assume that the borrowed money will somehow "appear" and spend frivolously, there are graduates who spend decades after school paying off their loans.

I'm still in high school, what can I do to improve my financial situation?
You are in luck! There are many scholarship programs offered to the student who wants to further his education. Study and practice for the SAT or ACT or whatever achievement test the college of your choice is using to decide acceptance. Also, find extracurricular activities to show time management and team-work skills. Colleges prefer students who distinguish themselves.

Senind a child to college is a financial burder on the parents. Try and find part-time work as well as scholarships and loans to lower the cost of tuition. A college education is necessary to find a career, so make sure to spend the time and money in the present, so the future payoff will be worth it. There are also many opportunities for your local state colleges (in the same state you graduated high school) that offer other government and local scholarships to help with financial assistance.