May is an exciting month for many high school seniors as they formally commit to their chosen college and start making plans for the fall. Often those plans include shopping for a private student loan to bridge the gap between a school’s financial aid offer and what families can actually pay. With summer approaching, high school juniors may be starting to think seriously about their post high-school plans.
4 questions to ask when shopping for student loans
If you need more money for college after making a budget that includes income, savings, federal aid, and scholarships, you may be considering a private student loan. Here are four questions to ask when shopping for a private student loan.
- Are there origination or repayment fees?
- Is the rate fixed or variable? A fixed rate doesn’t change. A variable rate changes over time, meaning your loan payment can change.
- When does repayment begin and are there term options? Are in-school payments required?
- Are there interest rate reductions for automatic payment or having an existing account?
Make an impression with your top-pick colleges
High school juniors and families: The summer break is an ideal time to get out and see some campuses to help narrow your college list before the fall application season begins! Visiting colleges is also a great way to demonstrate your interest in a particular institution. Many admissions offices track visits and other interactions with their prospective applicants. A college visit can subtly assist in showing a college that if they were to accept you, you have a higher likelihood of enrolling. To further highlight your interest, schedule a meeting with an admissions counselor during the visit if possible, and be prepared to ask questions and speak about why you are considering their college.
For more tips and resources on planning and financing your college journey, visit graniteedvance.org.
