Student Loans Essay

692 words - 3 pages

Financing your education
The cost incurred in attending a college or university can be quite expensive if a student does not utilize all resources to aid in covering the cost of their education. A student can apply through FAFSA for financial aid and it is disbursed from the Federal Government, and because it is a grant it does not need to be repaid. Grants are typically referred to as free money and are based on the need of the student. A student can reduce the amount that they need to borrow by researching the opportunities for additional grants and scholarships. Many scholarships are available through many sources and are granted to students based on merit rather than need. It ...view middle of the document...

Student loans are to be used for educational expenses, and although I know that occasionally students find themselves in financial distress and request additional funds to cover personal expenses and alleviate stress this is not recommended.
Avoiding default and delinquency
Students should explore all options available for the repayment of their loans and make every attempt to not let the loan go into delinquency or default. There are many options available to assist in successfully repaying the loan without harming your credit, risking a judgment being filed against your paychecks and ultimately seizure of funds including your federal tax return. It is possible to begin paying the interest portion of your unsubsidized loan while you are still enrolled in school, which will reduce the amount of debt you incur upon graduation. Students can also adjust their payments to make them more affordable by speaking to the loan servicer. Other options available are a Federal Direct Consolidation Loan, loan forbearance, loan deferment, or in some instances loan forgiveness. When...

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