Student Loans
The thought of being an adult student seems quite easy in terms of paying for my own tuition. My colleagues thought I have the money saved up for tuition. The fact was it was not easy, and I did not save any for tuition fees. First of, I had to choose a school that I want to pursue my bachelors. I found University of Phoenix Online (UOP). The school offered what I want to pursue, Business Administration.
Secondly, comes the student loans. Since I am only a resident in this country, I cannot apply for federal grants. I chose federal student loans, which was Stafford loans. It is the most common type of student loans that is easily funded by local banks. My student loan was a subsidized Stafford loan and was funded by a local lender. To qualify for a Stafford loan, I only need to enroll for that semester and to apply for it, it has to go through FAFSA.
Initially, I thought of private loans to finance my college tuition. These type loans are funded by banks and non-profit organizations. It helps if you need additional financing backup in addition to your other fundings.
Now that I’m not utilizing my student loans, I have to pay whatever I owed the government. However, mine is very straight forward. I have 3 loans and they are all under the same lender and interest rate. Unlike my step-daughter, she has numerous student loans from different lenders. Student loan consolidation is the best bet to make her debt easier to handle. The federal consolidation program will combined all the remaining federal student loans into one loan. The only drawback about this is the repayment time is longer and it depends on how big the loan is, but it will reduce the monthly payments significantly.
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