Pay for College with Loans from Tennessee
Information and Online Applications
Tennessee students are the fortunate benefactors of one of the greatest online resources available. The Tennessee Student Assistance Corporation’s (TSAC) “College Pays” website dishes up all the information any student could need to plan their track to college. Here are some of the resources you’ll find:
- College planning tools and resources
- Information on state scholarships and grants
- Guidance for repaying your student loans
- Information for partner lenders
- Resources for parents
- State and federal student loan resources
Student Loan Best Strategy
The federal student loan programs may not cover all your educational expenses, but they are low-cost, affordable and available to every American student. Because they offer some of the best borrower benefits they are a standard first step in every financial aid strategy.
Applying for Federal Loans
The FAFSA is the first and most important step in acquiring a student loan, but unfortunately it often seems to be where most students get hung-up.
Each academic year, more than 2 million students fail to file the FAFSA, the Free Application for Federal Student Aid. When these students fail to apply, they’re cutting themselves off from all federal financial, right along with state-based aid as well. Many of these students have to put of their college dreams until the next year.
Granted, the document can seem overwhelming at first, but if you look, you can find plenty of assistance with it, including high school career and guidance counselors and college admissions officers.
You may also be able find seminars that are sponsored in your local community for the express purpose to help local parents and students overcome fears of the FAFSA and college financial aid.
You can find the FAFSA on the web.
Finding a Private Loan You Can Live With
Tennessee colleges and universities don’t cost any less than other schools so it’s just as likely that you’ll require auxiliary funding.
If you choose to pursue extra funding in the form of private loans, be sure to shop carefully for a lender, and choose one that is reputable and well-known in the student loan industry.
However, the choice is going to be completely up to you. Unfortunately, college financial aid personnel will normally be reticent to guide you. Here are some additional tips for choosing a private student loan:
- Before you sign anything, understand all the terms of the loan.
- What is the interest rate? If it’s variable, what is the limit?
- Avoid loans with penalties for early repayment.
- Avoid loans with a high minimum borrowing amount.
- Know what the total cost of the loan will be; and this is not how much you need to borrow. Total cost is what you will pay out in the end with interest rates figured in and life of loan.
- Avoid financing in extras like computer and textbooks.
- Ask to know about any hidden fees.
Many students cannot afford college without a private loan, but if you don’t absolutely have to have one, then don’t get one.
For more information on planning for college in Tennessee visit the College Pays website.