I’m a undergrad student in GA and need help on what kind of loans i should get?
I’m marked as dependent but i’m living away from home and my parents don’t pay for anything except health insurance. I think i have good credit bc i’ve always paid all my credit cards on time. I’m 21 and I’m just wondering which ones are the best. Any help would be awesome because I don’t even understand what “interest rate reduction for auto-debit” means. I don’t want to pay anything or have any interest grown until I get out of college. Are there any available like that? what should I look for? My college sucks and they don’t educate people on this, even when you ask.
Do it in this order:
1. Free money (scholarships and grants) — in your case this could mean the HOPE program your state has.
2. Federal loans — file the FAFSA and get these cheap loans. You don’t have to start paying them until 6 months after you leave school.
3. Private loans — they will check your credit rating, you might get a better rate with a cosigner, their interest rates are higher, and you usually have to start paying them off right away.
“Interest rate reduction for auto-debit” means that when you pay back your loan, you get a lower interest rate if you have your payments automatically deducted from your bank account. Lower interest rates save you a lot of money in the long run.
