By Sponsored by Southland Credit Union
Attending college is an exciting time, but it can also be stressful as you tally the costs of tuition each semester.
College is expensive! But before you get overwhelmed, take a deep breath and walk through the process one step at a time.
After considering and applying for any scholarships and grants you may be eligible for, you might start looking at other financial aid options like federal student loans.
Federal loans offer many options to help you or your parents fund your college education. They also offer great benefits such as fixed rates, deferment and income-based repayment, to name a few.
To determine how much in federal loans you can receive, you must first fill out the Free Application for Federal Student Aid form, better known as FAFSA. Once you fill out this form, you will be able to determine your eligibility for aid from the U.S. federal government, including aid available from the Stafford Loan, PLUS Loan, Perkins Loan and Pell Grant programs.
You might also discover that you are eligible for the Federal Work-Study program. This program, based on the financial needs of students, provides part-time jobs to students to help them cover the cost of attending college. Students who do not qualify for federal work-study might be eligible for private work-study programs.
If you need additional help paying for college, private student loans are the final option you should explore.
While it is true that you should avoid as much student loan debt as possible by working and applying for other forms of aid, the reality is that many student loans come with terms and interest rates that are far more favorable than you would find with any other type of loan.
Private student loans work much like other consumer loans. The loans help students pay for anything from college tuition to room-and-board, supplies, books and meals. Students do not have to pay back these loans until after they graduate from college. Once the loan comes due, graduates must pay back the money they borrowed in monthly installments that include interest. Graduates can often delay repayment depending on their financial situations and on whether they have found a job.
Southland Credit Union Student Loans feature low interest rates, flexible repayment terms and a convenient line of credit structure that allows you to get funding for your entire undergraduate career with just one application.
By borrowing from a trusted, local lender like Southland, you’ll get a fair value loan with the personal service you’ve come to expect from your local credit union.
Alternatively, if you are already holding student loan debt, there’s Southland Student Loan Refinancing. By refinancing and consolidating your private and federal student loans, you can set up one easy payment and potentially lower your rate.
Don’t wait until your tuition bill is due – now is the time to look into your options for paying for college! For more information, or to apply for a student loan, visit BeachCU.com.
FAFSA – https://studentaid.gov/h/apply-for-aid/fafsa
Southland Credit Union – https://www.southlandcu.org/
Application – http://southlandcu.studentchoice.org/
Southland Student Refinancing – https://www.southlandcu.org/loans/student-loan-refinance.htmlBeachCU.com – https://www.southlandcu.org/lbsu.html
