Maricor Bunal
Education can really get us a long way in building a well-off future. But if your parents lack money to support your studies, getting a student loan might just be your best bet.
If you’re interested in this financing option, make sure to read the following aspects first before signing any contract:
School costs and other related prices
Choose carefully what school you like to go and the course to take. Consider its accreditation credentials and quality of training. Remember, accredited colleges or universities offer more student loan packages. That’s because these institutions have received partnerships from banks and private organizations to provide financial aid for students for meeting high training and academic standards. Besides, going to an unaccredited school might affect your employability once you graduate.
Loan package details
Young professionals fresh from school often whine about the high student loan debt they’ve acquired during their university days. Of course, this may be due to the nature of their course. But it’s also possible that they were not able to find a good loan deal. Avoid becoming one of them! Before you get a loan, consider the interest rate, payment terms and amount to borrow because these are the three main factors that will affect the total cost you’re going to pay in the future.
Familiarize the application and selection process.
Some banks or private lenders may interview applicants as part of their selection process. Others may demand documents from parents, especially regarding their income to know why you’re supporting your education on a loan.
The requirements
Grades and necessity top the list of requirements and eligibility banks will look for in applicants. Many of them strongly believe that those in dire need should be prioritized for financial assistance. Apart from necessity, providers may also consider the student’s scholastic performance. The course to take is also a major consideration as this will be one of the determinants of the student’s employability.
Repayment plan
Applicants may also need to present plans on how they’ll repay their dues accordingly. They may be required to submit details regarding their first job as well as their salaries.
Getting a student loan is a good investment because you’re investing in yourself. You’re investing in your future. Just make sure to consider the factors mentioned above to get a loan that’s easy on the budget – one that you can conveniently pay once you’ve graduated.
How Loansolutions PH Can Help?
There are actually many banks and government agencies that are now offering financial assistance to deserving students. However, if you’re not very familiar with any of these providers yet, you can contact our agents here at Loansolutions PH. We can help you what loan to get, as well as facilitate and speed up your loan application.
