What should students who need to borrow money do to reduce their loan costs?
There are a few things that students could do to reduce loan costs, and they are actually quite easy to do!
Many lenders will offer an automatic payment option – with that enabled, students will receive a reduction of the loan’s interest rate. This can often lessen the rate by around .25% and is certainly helpful in another way – you won’t have to worry about missing a payment!
Another step to consider taking is to make payments while in school! While deferring payments may be a great option if you cannot make any payments, the deferment will be increasing the total cost of the loan over time. Of course, paying a full installment while taking classes will result in the lowest overall cost, but some may find it difficult while being a full-time student. Keep in mind though: something is better than nothing! Even making minor payments will help.
Any questions? Be sure to contact us today and we'll set you up with our financial aid experts!
There are a few things that students could do to reduce loan costs, and they are actually quite easy to do!
Many lenders will offer an automatic payment option – with that enabled, students will receive a reduction of the loan’s interest rate. This can often lessen the rate by around .25% and is certainly helpful in another way – you won’t have to worry about missing a payment!
Another step to consider taking is to make payments while in school! While deferring payments may be a great option if you cannot make any payments, the deferment will be increasing the total cost of the loan over time. Of course, paying a full installment while taking classes will result in the lowest overall cost, but some may find it difficult while being a full-time student. Keep in mind though: something is better than nothing! Even making minor payments will help.
Any questions? Be sure to contact us today and we'll set you up with our financial aid experts!
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