{"id":1359,"date":"2015-04-27T18:35:14","date_gmt":"2015-04-27T18:35:14","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=1359"},"modified":"2023-03-14T09:01:15","modified_gmt":"2023-03-14T16:01:15","slug":"9-things-you-should-have-learned-about-your-student-loans","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/refinance-student-loans\/9-things-you-should-have-learned-about-your-student-loans\/","title":{"rendered":"9 Things to Learn about Student Loans Before You Borrow"},"content":{"rendered":"

With the high costs of attending a four-year college or university, you may need to finance at least part of your education. In 2021, the median balance of someone with student loan debt was between $20,000 and $24,999, according to the most recent data from the Federal Reserve<\/a>.<\/p>\n

It\u2019s important to learn about student loans to get a handle on how complicated they can be. By understanding how this type of debt works, you\u2019ll be able to save yourself from unpleasant surprises and pay less in student loan interest.<\/p>\n

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  1. Student loans should be a last resort<\/a><\/li>\n
  2. Don\u2019t borrow more than you can realistically repay<\/a><\/li>\n
  3. Prioritize federal loans over private<\/a><\/li>\n
  4. Not all private lenders are created equal<\/a><\/li>\n
  5. Learn the details of loan costs and repayment<\/a><\/li>\n
  6. Use loan funds for just the bare necessities<\/a><\/li>\n
  7. Get to know your loan servicer<\/a><\/li>\n
  8. Make in-school payments if you can<\/a><\/li>\n
  9. Don\u2019t stop learning about student loans \u2014 until your debt is paid off<\/a><\/li>\n<\/ol>\n

    <\/a><\/p>\n

    1. Student loans should be a last resort<\/h2>\n

    Don\u2019t turn to loans as your first option to pay for school. You could substantially reduce how much you need to borrow by making choices like these:<\/p>\n