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In this video, "Is May, June, Or July The Right Time To Get A Student Loan" We talk about when the best time to shop for student loans is. The things to consider when looking to take out a student loan and when it makes sense to take out a college student loan. Sallie Mae, Sofi, College Ave, Discover loans,

What is a Student Loan? A student loan is money that you borrow to help pay for school with the expectation that you will pay that money back in the future. Student loans don't differ all that much from other types of loans. However, the process of obtaining and repaying a student loan does have some unique attributes.

Loans from the government and the private sector both have their own advantages. When seeking private loans, you’ll have to get them from private lenders, banks, or credit unions. Federal loans, on the other hand, can be obtained by completing the FAFSA (Free Application for Federal Student Aid). Both loan types must be paid back, but federal loans offer more lenient alternatives for repayment if you have a low income after you graduate or if you lose your job. One perk of private loans is that lenders are considerate sometimes, especially when a borrower is struggling financially. They are open to extensions of due dates but this is still rare.

Those who take out private loans can acquire extra money for college expenses that exceed the amount of financial help they get. The fact that there is no application deadline for private student loans is another advantage so private loans are still an option if you don’t submit a FAFSA in time to help you pay for school.

Government loans do not need a cosigner or a credit check to be approved, in contrast to private loans.


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