Federal student loans are the ideal choice for incoming college students

October 31, 2011

The college application process can be a harrowing time for any incoming student, so if you're in the midst of writing admissions essays and searching for forms of college funding, a student loan may have crossed your mind. But, before you go down that route, it's best to peruse the other financial aid opportunities first.

Student loans are offered by private lenders and also by the federal government. Federal loans are the ideal sources of funding, as they have steady interest levels and payment grace periods once you leave school. Private loans should be your last resort, as these have a tendency to be less stringent with payments and can have fluctuating interest levels.

The ideal option is to put time and effort into researching college scholarships and grants. These funds are offered by businesses, charities and other organizations and can drastically reduce your bottom line.

Oftentimes, it will be a balance of many of these options to help make your college education a reality. It's never too early to apply for them, and it can help to drastically reduce your risk of long-term debt.  

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