With the ever rising education expenses, it is not surprise that many are wondering how the others manage to fund their undergrad education. This is typical of people who are either planning to go for education themselves, or sending their children for the same. If money is deterring you for taking that step, then the good news is that you have many options to tap into. You can look at both federal loans as well as credits from private institutions.

Calculations First

Before you begin, you must estimate what would be your approximate education expense. This is not just your college fees but also your boarding, lodging and other entertainment expenses. Many universities and colleges have dedicated departments for financial aid and they can give you data on these aspects. A good thumb rule is to have your financial planning completed well before the program starts at the school. A 6 month advance planning will save you a lot of headache and stress later. Planning doesn't mean you have the finances sorted out but you have a plan ready to pursue in the next few months.

In a Hurry? Go Federal Loans

Speed is of essence with federal loans. Given the huge number of applications that these Study Loans receive delay is inevitable and you don't want to enter last in the queue. If you are looking to pursue your under- graduation, apply for the federal loans immediately. Some of the most sought after federally funded loans are the Stafford Loans and the lesser known Perkins loans. Besides, when you apply, in most universities you are automatically considered for the host of grants, scholarships and loan alternatives that they have. Besides, you can always explore the option of work-study programs to give you supplementary income while you are studying.

What about Private Loans?

One aspect that many people don't give importance to is the private loans. The main reason being that it is more difficult to get these loans with credit checks and all. If you have a good credit rating, you get greater flexibility in loan options and repayment terms with these loans. Repayment is a major factor in the private loans. While applying for these loans make sure that you do not commit to a repayment schedule that is very difficult to stick to. If that's the deal you are being offered, it is better to look for other options rather than trying to speed up the process by agreeing to it.

Need More Info? Run to Financial Aid Department

So in all, you know that as an undergrad student you have multiple choices to fund you education. The financial aid department of your college is the best avenue to get information all these options. Also remember that you do have the private loan alternative, just that you must look at all other choices before looking at them.

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