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how do I take out a loan
I am starting college in the fall and i'm staying on campus but I don't have enough for room and board.
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Brittany’s Answer
Hi! I would recommend talking to your parents or guardian as well as your school's guidance counselor.
I would also recommend that you check out https://studentaid.gov/h/apply-for-aid/fafsa for some more information on government sponsored loans.
Finally, I would also recommend researching information on loans, and how interest rates work to fully understand and grasp how much it costs to borrow money.
Here are some great resources!
https://www.fultonbank.com/Education-Center/Managing-Credit-and-Debt/Student-loan-basics
https://www.thebalancemoney.com/what-are-interest-rates-and-how-do-they-work-3305855#:~:text=An%20interest%20rate%20is%20the%20percentage%20of%20principal,ideal%20economic%20growth.%20What%20Is%20an%20Interest%20Rate%3F
I would also recommend that you check out https://studentaid.gov/h/apply-for-aid/fafsa for some more information on government sponsored loans.
Finally, I would also recommend researching information on loans, and how interest rates work to fully understand and grasp how much it costs to borrow money.
Here are some great resources!
https://www.fultonbank.com/Education-Center/Managing-Credit-and-Debt/Student-loan-basics
https://www.thebalancemoney.com/what-are-interest-rates-and-how-do-they-work-3305855#:~:text=An%20interest%20rate%20is%20the%20percentage%20of%20principal,ideal%20economic%20growth.%20What%20Is%20an%20Interest%20Rate%3F
Updated
Kathy’s Answer
All colleges have financial aid offices. You should reach out to them asap to get information on student loans. You should also ask them about other financial aid that could be available to you. The process is a little cumbersome and too much to write about here, but they will walk you through it. Best of luck.
Updated
david’s Answer
Hi, Gina,
Good question, and this is a perfect time to get started. My suggestion is to immediately visit your HS guidance counselor for assistance. A starting point should be to apply for financial aid to see what you are eligible for. There is a good article here that provides an overview of getting started. And getting started should be done immediately. Don't put this off.
https://www.usnews.com/education/best-colleges/paying-for-college/articles/an-ultimate-guide-to-understanding-college-financial-aid
Here is another excellent site with additional advice, including getting a loan. But both articles emphasize submitting the financial aid paperwork as soon as possible.
https://www.cleveland.edu/college-financial-aid-6-tips-for-2023-success/
I realize this may seem overwhelming, Gina, but I encourage you to set a goal of getting this done within next two weeks. All the best.
Good question, and this is a perfect time to get started. My suggestion is to immediately visit your HS guidance counselor for assistance. A starting point should be to apply for financial aid to see what you are eligible for. There is a good article here that provides an overview of getting started. And getting started should be done immediately. Don't put this off.
https://www.usnews.com/education/best-colleges/paying-for-college/articles/an-ultimate-guide-to-understanding-college-financial-aid
Here is another excellent site with additional advice, including getting a loan. But both articles emphasize submitting the financial aid paperwork as soon as possible.
https://www.cleveland.edu/college-financial-aid-6-tips-for-2023-success/
I realize this may seem overwhelming, Gina, but I encourage you to set a goal of getting this done within next two weeks. All the best.