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Author:
Bev Dodd
Web Site: http://www.family-refinance-consolidation-loans.com
Student
loan: The only loan you'll ever need
Financial
aid or a student loan covers the education
costs that you can't pay for. Most
financial aid is awarded to families on
the basis of eligibility or need, which is
determined by the school you attend. This
is based on information you provide about
you and your family's ability to pay for
your education costs and formulas set by
law for a student loan. We'll discuss this
more below.
The
process of student loan sales and loan
transfers can be confusing at times. This
is especially true if you do not properly
keep track of who holds your student loan.
In order to avoid problems associated with
loan sales and transfers, it is critical
that you read and maintain any
correspondence you receive on your student
loan. Loan transfer/sale notifications
will tell you where to send your loan
payments and whom to contact for
assistance on your loan. If you do not
send your payment to the correct location,
you can inadvertently become delinquent on
your student loan.
And
finally, remember the differences between
a subsidized and unsubsidized Stafford
student loan. The unsubsidized Stafford is
not need-based, which means it's available
to students at any income level. Unlike
the subsidized version, the student, not
the school, is responsible for interest on
the loan. So you can either make interest
payments while you're in school, or wait
to pay off the interest on your student
loan. After you graduate, the interest on
your loan will be added to your total
debt.
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