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The new semester is just around the corner, which means it is time to start thinking about how you are going to afford the new school session. Student loans can be taken out any time of the year and are useful for paying for textbooks, special classes or summer terms and additional living expenses. Choosing the right student loan can help you reach your education and career goals while still keeping your finances balanced. Here’s what to look for before you take out a student loan this summer.
Don’t be afraid to shop around for the lowest student loan rate. Look for loans with low, fixed rates so that your payments stay affordable no matter how bad inflation becomes. Citizens, is one lender that offers competitive, fixed rates with additional student loan discounts for automatic payments. Plus, you won’t have to pay any application, origination, or disbursement fees.
Similarly, Earnest also offers both low variable and fixed rates. Variable rates can be helpful if you plan on paying off your loan quickly, but they can also be risky since you can’t predict when rates will go up. Earnest gives student borrowers a nine-month grace period after graduation before repayment kicks in, giving grads three additional months to find the job that is right for them.
Finding a student loan that gives you repayment options will help you stick to your budget and pay off your loan faster. SoFi allows students to find the monthly student loan payment and rate that fits their budget. Additionally, student borrowers can pay off with reward points earned from logging into their SoFi app and monitoring their credit scores. Start paying off a little now while in school or have the freedom of waiting six-months post-graduation to start your student loan repayment.
It is important to know your lender’s school requirements. For example, some lenders will only approve student loans for full-time school participation or for approved courses at a local university. Sallie Mae is one lender that will provide student loans for both part-time and full-time college education. Additionally, loans are available for both undergrad and graduate studies, as well as professional career training or certificate courses.
You already have so much on your plate; you deserve a cash bonus for doing well in school. Discover rewards student borrowers with a one-time cash reward of 1% of their school-certified amount if they have a 3.0 GPA or higher. This means you can score a free $350 for your $35,000 student loan just by paying attention in class—win!
Finding the student loan that is right for your educational goals starts with defining what you need. It is important to find loans that not only give you the best rate, but also ones that will cover all of your school costs and reward you for on-time payments and being a good student.