Did you know that the application process for a student loan and an education grant starts out almost the same way?
We believe that every student should fill out a FAFSA application and this is the way you qualify yourself for a student loan, as well as a grant. Of course you prefer to always get college grant money when possible because you do not have to pay that off, but after you have maxed out your grant money OR if you cannot qualify for grant money, then you can access federal student loans.
Federal student loans include the PLUS Loan, Perkins Loans and Stafford Loans.
So remember you must file a FAFSA in order to qualify for a student loan.
Student Loan Repayment
Unfortunately student loans must be repaid no matter what. Even if you file bankruptcy or claim that you do not have the money to repay your loan, this debt will not go away. So keep that in mind.
Student Loan Consolidation
Loan consolidation is recommended when you graduate college. If you are like most people who take out student loans, you end up having many different loans in different amounts. There are federal and private companies that will consolidate these loans for you at low interest rates thereby minimizing your payments and stretching them over long periods of time. If you think you may run into trouble paying off your loans, you especially want to consolidate them because once you default on any one of your loans, that makes consolidating almost impossible.