Making the Most of Financial Aid
The only feeling better than getting into the college you wanted is finding a way to pay for it. And despite the excitement of receiving a financial aid package, it's often not enough to cover the increasing cost of college - even with help from parents, savings, or income from a job. So unless you're Willy Wonka and have a goose that lays golden eggs, you probably need more money.
The question becomes where you get it. If there's one thing we know certainly won't help, it's screaming "Show me the money!" at your acceptance letter. Comparing your private student loan options, on the other hand, can help.
The answer is easy:
- Apply for Federal Loans First - One word, or one acronym, of advice: FAFSA. Submitting the Free Application for Federal Student Aid allows you access to federal student loans like the Perkins, Stafford, and PLUS Loans. They carry lower rates, fixed interest rates, and often have more favorable terms than private loans.
- Private loans are great when grants and federal loans aren't enough - Private loans are another great resource if you need to fill a money gap, but they are more complicated. They can have origination fees, different ways of compounding interest, and higher interest rates or APRs than federal loans. But that's where comparing your options comes in. Our private loan comparison shows you the ins and outs of each loan, making it easy for you to find the one that works best for you.