Whether you need a federal or private loan, doing your research now can save you money later.
Before you worry about how to get a student loan, it’s important to understand the different types of loans you might qualify for. There are federal student loans, which are offered through the Department of Education, and private student loans, which are issued by private organizations like banks, credit unions, and online lenders.
Within the category of federal student debt, there are four types of loans that borrowers may consider:These loans are available to undergraduate students who have demonstrated a financial need. The government pays the accrued interest when you’re not in active repayment. Open to both undergraduates as well as graduate and professional students, these loans are not based on financial need.
Also make sure to factor in any scholarships or grants that you receive, as this can help reduce what you borrow. “Students should be certain to take advantage of any and all grant aid sources before borrowing student loans,” Desjean said.
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