How to Get a Student Loan: Step-by-Step Guide
How Loans Work
This explanation is a bit simplified, but you should come away with a good general idea of how loans function. If you know how loans work, you'll be better able to find and apply for loans that are good fits for your needs.
By definition, a loan is a sum of money that you (the borrower) is given by a person or entity (the lender) with the expectation that you'll pay it back with extra charges tacked on (the interest). When you repay student loans, you'll usually make monthly payments on the sum you borrowed (the principle) plus interest that has built up, or accrued. The bigger the principle, the higher the interest rate, and the longer you take to pay off your loan = more money that you have to pay back in interest.
Details like length of repayment and interest rates will vary widely among loan options. Some loans come with extra perks (like the Direct Subsidized loan). There isn't anything particularly complicated about most loans, but some of the financial jargon can be confusing if you're new to it. If you're clear on the basics of how loans work, you can move on to the next step of getting a loan: calculating how much you need.
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