The price of tuition these days is truly shocking. There are not many people that have this kind of money. If you want to go to college but cannot afford to do so, student loans can make it possible Aiou.
If you are having a hard time paying back your student loans, call your lender and let them know this. There are normally several circumstances that will allow you to qualify for an extension and/or a payment plan. You will have to furnish proof of this financial hardship, so be prepared.
It is important for you to keep track of all of the pertinent loan information. The name of the lender, the full amount of the loan and the repayment schedule should become second nature to you. This will help keep you organized and prompt with all of the payments you make.
Consider using your field of work as a means of having your loans forgiven. A number of nonprofit professions have the federal benefit of student loan forgiveness after a certain number of years served in the field. Many states also have more local programs. The pay might be less in these fields, but the freedom from student loan payments makes up for that in many cases.
Make sure you understand the true length of your grace period so that you do not miss payments. Stafford loans typically allow six months. For Perkins loans, you’ll have a nine month grace period. There are other loans with different periods. Be sure you know exactly when you will be expected to begin paying, and don’t be late!
Many students think of college loans as free money, but that is not the reality. Many people borrow money for college without ever thinking about how they will pay off their debts. As you can see, you do not need to go broke in order to attend college.