Navigation Menu
  • Colleges
    • Get Matched To Colleges
    • Explore All Colleges
    • Colleges By State
    • Online Colleges
    • Review a College
  • Scholarships
    • Explore College Scholarships
    • Scholarship Match
    • Unigo Scholarships
    • $10K Scholarship
    • Unigo Scholarship Winners
  • Easy Scholarships
  • Unigo Scholarships
  • Student Loans
  • Articles
    • All Articles
    • Expert Admissions Advice
    • Get Ready for College
    • How to Pay for College
    • In College Tips
  • Log In
  • My Account
    • My Scholarship Match
    • My Saved Scholarships
    • My College Match
    • My Account
    • Log out
  • Sign Up!
  • Home
  • pay for college
  • student loans
  • what you should know about student loans

What You Should Know About Student Loans

Posted byUnigo Staff June 9, 2015

By unigooffice

Most students go to college with the hopes of finding good, well-paying jobs. However, you typically have to wait for that “well-paying” part until after graduation. With the rising costs of college, many students need some extra money to help cover school expenses like tuition, boarding, food, books, and more. As a result, more college freshmen are turning to student loans.

If you’re considering a student loan to help make ends meet, paying for your education may be your first major purchase — and your first major exposure to the lending and payback process. The average student who utilizes student loans will borrow an average of nearly $30,000 to pay for educational expenses, according to a recent report by The Project on Student Debt.

While taking out student loans is a necessity for many students, it’s important to know the responsibility you are taking on. For example, do you know the APR rate for the loans you are applying for? Did you take the time to calculate what your payment amounts will be when you graduate and enter the repayment period? Even with a college degree, the percentage of students who are able to secure employment immediately following graduation continues to drop. Unemployment for new college graduates is currently around 8.5 percent, while the rate for the entire country is only at 6.3 percent. With the tough job economy, many college graduates are taking part-time jobs or are “underemployed” in fields that are not fully utilizing their degrees.

The six-month grace period for student loan repayment runs out quickly, so it’s important to know your options if you find yourself unable to meet your student debt repayment obligations. It’s also important to understand what it means to default, or what the consequences of defaulting on a loan can mean for your immediate and long-term futures? Parents of students who take out student loans should take the time to discuss the obligations and implications of student loan debt with their children. If parents co-sign for private loans (federal loans don’t require a co-signer), they will be just as liable for loan payments as the students. Summertime is the perfect time to research the types of student loans available and to learn more about the responsibilities they entail.

For more information about loans, as well other sources of funding for college, check out eStudentLoan.com.

Post navigation

Previous Post Previous post:
Where to Find Student Loans
Next Post Next post:
How to Manage Your Student Loans

Scholarships

  • Athletic Scholarships
  • College-Specific Scholarships
  • Company-Sponsored Scholarships
  • Grants for College
  • Merit-Based Scholarships
  • Minority Scholarships
  • Our Scholarships
  • Scholarship Contests & Sweepstakes
  • Scholarships By Major
  • Scholarships By State
  • Scholarships By Type
  • Scholarships For Graduate Students
  • Scholarships For High School Students
  • Scholarships For Undergraduate Students
  • Weird Scholarships
Unigo Scholarship Database

© 2022 ALL RIGHTS RESERVED

Scholarship Providers
  • Add a Scholarship
  • Expedite My Scholarship
  • Promote My Scholarship
  • Start a Scholarship
Resources
  • Job Board
  • Student Deals
  • For Parents
  • For Counselors
TAKE ACTION
  • Review A College
  • College Match
  • Scholarship Match
  • Find a Loan
Social
  • Facebook
  • Twitter
  • Instagram

Financial aid may be available to those who qualify. The information on this site is for informational and research purposes only and is not an assurance of financial aid.

Privacy Policy   |    Terms of Use   |    FAQs   |    About Us   |    Disclosure: “What Determines Top/Best?”    |    Do Not Sell My Personal Information (CA and NV residents)

Disclosure: EducationDynamics receive compensation for the featured schools on our websites (see “Sponsored Schools” or “Sponsored Listings” or “Sponsored Results”). So what does this mean for you? Compensation may impact where the Sponsored Schools appear on our websites, including whether they appear as a match through our education matching services tool, the order in which they appear in a listing, and/or their ranking. Our websites do not provide, nor are they intended to provide, a comprehensive list of all schools (a) in the United States (b) located in a specific geographic area or (c) that offer a particular program of study. By providing information or agreeing to be contacted by a Sponsored School, you are in no way obligated to apply to or enroll with the school.

The sources for school statistics and data is the U.S. Department of Education's National Center for Education Statistics and the Integrated Postsecondary Education Data System.

This is an offer for educational opportunities that may lead to employment and not an offer for nor a guarantee of employment. Students should consult with a representative from the school they select to learn more about career opportunities in that field. Program outcomes vary according to each institution’s specific program curriculum.

×

Sponsored Meaning Explained

EducationDynamics receives compensation for the featured schools on our websites (see “Sponsored Ad” or “Sponsored Listings” or “Sponsored Results”). So what does this mean for you? Compensation may impact where the Sponsored Schools appear on our websites, including whether they appear as a match through our education matching services tool, the order in which they appear in a listing, and/or their ranking. Our websites do not provide, nor are they intended to provide, a comprehensive list of all schools (a) in the United States (b) located in a specific geographic area or (c) that offer a particular program of study. By providing information or agreeing to be contacted by a Sponsored School, you are in no way obligated to apply to or enroll with the school. Your trust is our priority. We at EducationDynamics believe you should make decisions about your education with confidence. that’s why EducationDynamicsis also proud to offer free information on its websites, which has been used by millions of prospective students to explore their education goals and interests.

close