| Any student who has taken out a student loan should | | | | with finances. All student loans also do not charge |
| always keep track of their debt. A student loan | | | | interest while the student is in school. If a student who |
| interest calculator is very useful when trying to find out | | | | obtains a loan drops out of school, he/she will have to |
| how much interest you are going to be charged. It is | | | | start paying their loan back within the following 6 to 12 |
| important to keep in mind that if you can afford to pay | | | | months. |
| more than the minimum payment, it will help in the long | | | | Sometimes, depending on the loan's terms and |
| run by reducing the amount of total payments left as | | | | conditions, repayment may start as soon as the |
| well as reducing the interest that would be charged on | | | | students course load drops to half-time. If you plan to |
| that loan. If you are a student in need of financial | | | | drop out of school, use a student loan interest |
| stability you should check with your financial aid | | | | calculator to find out how much interest will be |
| counselor to apply for a loan. | | | | charged. |
| The difference between a student loan and most | | | | Another option is to apply for a grant. Grants are |
| other loans is that they usually have a low interest rate | | | | basically loans that do not have to be repaid, but they |
| and you will not be forced to pay anything back while | | | | are much harder to qualify for. If you are a student |
| you are attending school. The amount any given | | | | having trouble with financing, checking in with the |
| person can borrow depends on the following factors: | | | | financial aid office can help you overcome money |
| your income, your parent's income (if you are a | | | | problems. |
| dependent student), and other factors that have to do | | | | |