[Student Loans Without Cosigner] How To Finance Your Student Loan In The Right Manner?
October 14, 2011 – 10:53 pmArticle by Asem Eltaher
Did you loose the hope to finance your college studies? Cheer Up! It is no longer needed to be dependent on your parents or your home bank as there are other better chances. Just read more to find it out.
It is feasible to be totally self dependent and finance your studies on your own. However, you should ask yourself the following interesting question: How would you optimally finance your student loan?
Here is the option #1:
In fact, it is possible to get a part of the federal grant for college and take advantage of it in the process. In this way, you have the time to concentrate on doing well in your studies without being worry about the financial part.
From my own experiences, it is really easy to get such a chance but you have to really work hard on getting good grades. In this manner, it would be really great if your score is among the top 5%.
What are the advantages and disadvantages for this option?
* Advantage: You get a non-refundable monthly payment that you do not have to pay it back. Additionally, if you did well in your studies, then you do not have any high competition since very few students can be among the top 5%.
* Disadvantage: It is not that easy to get the needed excellent grades and, therefore, a lot of work is required from your side. The higher grades you have, the better chances you will get.
If it does not work out, here is option #2:
Do not loose your hope in case you are not among the top 5%. It is feasible to be totally self dependent and finance your studies on your own. It is simply the idea by going in for a college loan and then repaying it back when you are done with your studies.
In this manner, you will get a reasonable monthly payment to live with as most of the students with reasonable grades can get these loans. You can then go in for a loan repayment program and repay the loan money by yourself gradually.
What are the advantages and disadvantages for this option?
* Advantage: Theoretically, everyone can apply. There are usually no constraints on your grades to apply.
* Disadvantage: You need a cosigner to guarantee that the money will be paid back. Otherwise, the financial institutions would charge you really high interest rates.
So, now here is my final advice for you!
It is also strongly recommended to learn how to defense your situation and to be good in handling your financial situation. You should be motivated to do that since nothing is better than enjoying the chance to live debt free.
Unfortunately, there are not that many people who are ready to share some good finance tips with college students, which is why many young adults either drop the idea of going to college altogether or are finding it to be something very difficult or hard. Avoid this position and do your home work to search well for the best opportunity.
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Tags: Cosigner, Finance, Loans, Manner, Right, Student, Without
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