How First-Time Student Loan Borrowers Can Prepare For The Loan Process

For first-time student loan borrowers, the loan process can seem a bit daunting.Taking a loan can be a scary prospect for anybody, and even more so for first-time student borrowers. There are so many challenging terms to understand and a long list of things to be careful about when borrowing money. Not taking the time to understand how loans work and what the different terms mean can result in first-time student loan borrowers making expensive mistakes. The best way to avoid making these mistakes is to learn as much as you can about how loans work so you are well-prepared.

So how do you prepare for the loan process?

Read up on student loans

The Office of the US Department of Education website has comprehensive information about the different types of federal student loans, the differences between them, eligibility criteria, how to apply and more. College Raptor is another excellent website for finding information about college loans—both federal and private.

No origination fees or prepayment penalties

Fixed rates from 2.94% - 7.15% APR with auto-debit

Learn More

Ask questions

As you read about student loans, you may come across things you do not understand. Make a note of your questions so you can get all your doubts clarified. Do not overlook any detail just because you do not understand it. When it comes to student loans, the devil really is in the details.

Take your entrance counseling seriously

The Federal Government has made it mandatory for first-time borrowers to complete entrance counseling. Entrance counseling covers everything you need to know about the student loan process. They help you understand what you are committing to. Completing your entrance counseling will arm you with the necessary knowledge and help you be better prepared for the student loan process.

Use College Raptor’s free Student Loan Finder to compare lenders and interest rates side by side.

Advertisements

 

Lender Rates (APR) Eligibility
Sallie Mae logo.
2.62% - 12.97% Variable
3.75% - 13.72% Fixed
Undergraduate and Graduate
VISIT SALLIE MAE
Credibe company logo.
1.29% - 12.99% Variable
3.15% - 14.75% Fixed
Undergraduate and Graduate
VISIT CREDIBLE
Lendkey company logo.
Undergraduate and Graduate
VISIT LENDKEY
Ascent company logo.
1.75% - 10.54% Variable
3.22% - 13.09% Fixed
Undergraduate and Graduate
VISIT ASCENT
College Ave company logo.
1.29% - 12.99% Variable
3.22% - 13.95% Fixed
Undergraduate and Graduate
VISIT COLLEGE AVE
1.66% - 6.21% Variable
2.94% - 7.15% Fixed
Undergraduate and Graduate
VISIT ISL
Earnest company logo.
2.09% - 11.69% Variable
3.47% - 13.03% Fixed
Undergraduate and Graduate
VISIT EARNEST
1.86% - 11.52% Variable
3.20% - 11.99% Fixed
Undergraduate and Graduate
VISIT ELFi
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.

Leave a reply

Your email address will not be published.