Student Loans

Although you should be careful not to borrow yourself into a lifetime of debt, avoiding loans altogether could delay your graduation and your progress up the career ladder. For most students, some level of borrowing is both necessary and prudent.

The following list provides information about the most common types of student loans. The list reflects the order in which you should apply for and accept loans to get the lowest interest rates and the best repayment terms.

Student loans are a very important source of money for college, but like paid employment, loans should be considered carefully. Loans for costs such as books and tuition are good investments. Loans for a more lavish lifestyle are likely to weigh you down in the future. As one wise person put it, if by borrowing you live like a wealthy graduate while you’re a student, you’ll live like a student after you graduate. Student loans can be a good way to begin using credit wisely, a skill you are likely to need throughout your life.