Make sure you choose a loan that best meets your needs, but keep in mind that the cheapest loan is not always your best option. Because loans must be repaid, you should plan your debt financing carefully:
It's important you only borrow what you can afford to pay back. If your student loans equal more than eight percent of your overall income before taxes, you may begin to have difficulty paying other bills, qualifying for additional loans or saving money.
Debt-to-income calculators can help determine how large an income you would need to repay your loan:
You may also qualify for a loan consolidation program to help lower monthly loan repayments.
Each loan has its own characteristics and features. These features must be carefully compared to decide which loan is best for you. Compare your options side-by-side and include:
For more information on the loans available to you: