Welcome to Student Loans Guide
Next Student Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
College Student Loans: What To Watch Out For
from:Selecting college student loans is always a bit of a stressful time, there are so many options, so many different terms and even some very attractive looking offers. It is very important, however, to understand that lots of the really "to good to be true" types of college student loans are exactly that. Every year hundreds if not thousands of college student loans are issued that look like a good deal on the surface, but without reading the fine print and understanding exactly what you are getting into you may find out you have cost yourself thousands of dollars in interest or fees over time.
Key things to look for in college student loans, in particular with private school or education loans include:
• Vague information on the interest rate of the loan and how the interest rate will be calculated over the life of the loan. If at all possible look at loans that allow you to lock in the interest rate if the rate is good at the time of the loan. Not locking in a rate can result in either a really good option if the interest rates are more favorable to borrowers, but it can also go the other way and have the lender make a lot of money.
• Your credit score will affect the interest rate as well as the amount of money you are able to borrow. Be very leery of lenders that promise low rates no matter what your credit score is or if you have bad credit. They typically are adding in additional fees, costs or other services that you will end up paying for in the long run. These costs may well exceed having a slightly higher interest rate.
• College student loans that promise you money for non-educational items or that indicate they have a loan that falls in a loophole to get around the policies. This is both illegal and against the Higher Education Act policies and typically these types of scams are exposed, often too late for unsuspecting students.
• Ask if the lender will sell your loan. Many of the smaller private lenders will sell your loan to someone else, leaving you with someone other than the original lender to deal with and possibly resulting in different interest rates and terms. A reputable lender will put information about the selling of the loan in writing and will also guarantee that the original terms will continue to apply.
While it may be tempting to look at some of these newer companies offering college student loans, it is still good advice to stick with companies that have a proven track record and that have a history of working with students in a fair and responsible manner.
Next Student Loans Specific links
Next Student Loans
- Looking for Next Student Loans?
-- http://www.shopica.org/
Blinkx Video Search
- World's largest video search engine. Over 26 million hours of video.
-- http://www.blinkx.com/
Ripe Tv!
- Hottest Video portal on the internet. Every Kind of Video - Supermodels, Martial arts, Cool shows, Pick Miss Ripe and More
-- http://www.ripetv.com/
Entertainment News
- Breaking headlines and Hollywood gossip. Free entertainment videos and clips!
-- http://www.ivillage.com/
Is Your Dog Sick?
- Diagnose the Problem with PetVet Condition Finder on Petside.com
-- http://www.petside.com/
Next Student Loans News
Credit crunch's impact worrisome as record commercial loans come due (Dallas Morning News)
A record amount of commercial real estate loans coming due in Texas and nationwide the next three years are at risk of not being renewed or refinanced, which could have dire consequences, industry leaders warn.
Read more...Tight credit, poor economy squeezing access to college (Charleston Regional Business Journal)
The S.C. Student Loan Corp has suspended its private loan program, about $67 million, starting next year. It’s on example of a tightening that all private lenders are feeling and that is likely to continue.
Read more...College loan sources drying up, say Franklin County area institutions (Chambersburg Public Opinion)
Local colleges and universities are confident their students will be able to afford their education for the coming semester, but next fall could be sticky.
Read more...The Best Of Pitt (The Pitt News)
Freshmen. They're easy to spot and even easier to confuse. Next time you see one of them walking in circles, campus map in hand and looking as if they were caught in the headlights of an extra-long PAT bus, offer them this advice: "on the corner of Fifth and Forbes."
Read more...'Desperate' city officials plead with Texas legislature for help (Houston Chronicle)
Galveston's mayor and city manager pleaded with a state legislative panel today for sales tax rebates, emergency loans and other steps to keep this island city functioning as it struggles to rebuild after Hurricane Ike.
Read more...