With the exception of your home, if you attend college with the intention of graduating, your university education will be the biggest expense of your life. But in the end it should be well worth it, because many of the better-paying jobs and more interesting professions require a degree for you to even get your foot in the door.
When it comes to investing in your education, it pays to do your homework. Before you take out a private student loan, you should explore all financial aid alternatives, including grants, scholarships and federal student loans, and weigh your future monthly payments realistically vs. your expected income. Remember, just a small difference in your interest rate can make a big difference in the money you pay over the life of the loan.
LoanMerica can offer a variety of options, including loans where you start the payback process while you're still in school, and others you don't have to start paying back until after you've graduated. We also offer income-based repayment plans, and loans specifically adapted for advanced degrees. We understand that you have not had a chance to establish much in the way of credit - and we'll work with you on that!
If you elect to start paying your loan off while still in school, the chances are you don't have much of a credit history, so a co-signer can help you keep your interest down so so you can concentrate on your studies. With LoanMerica, you can drop the co-signer once your credit is established. And there is no pre-payment penalty for paying off your loan early.
As a borrower, you need to make certain you understand fully what taking out a student loan entails, and all of its ramifications. It will be one of the most important financial decisions you will ever make. At LoanMerica, we'll be happy to help you unravel the mystery of student loans, and help you choose the financing that best suits your present and future needs.