Education Loans

Written by Tara Peris
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Educational loans come in all shapes and sizes, ensuring that just about everyone can find money for college. To be competitive for the best rates and packages, however, you must educate yourself about the aid process and begin financial planning early. This is the only way to take full advantage of federal and state loan offerings.

Few people can afford to pay for college out of pocket. Educational expenses continue to climb steadily and their yearly rate of increase far exceeds the annual rate of inflation. This creates a situation in which few families can shoulder the full burden of college expenses without declaring bankruptcy.

Careful Financial Planning

Thankfully, with a little foresight, funding a college education becomes a reasonable (albeit still not cheap) prospect. Most families are advised to start saving for college the day their children are born. A number of federal bond programs make these long-term savings accounts very effective savings tools. However, no matter how much you save, you can expect to need at least some educational loan assistance.

There are a few ways to go about securing loans. You can begin by visiting government websites or by searching the websites of major lenders like Sallie Mae or AFSA. These sites will give you a broad introduction to education funding and will help to orient you to the process. From there, you may want to contact an aid specialist who can help you to organize your efforts to focus on the most appropriate and useful loan packages.

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