A student loan is a type of loan formed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. The interest rates on student loans are usually much lesser when compared to other kinds of loans, and the repayment scheme is a little less strict, keeping in mind that the students are still in school while they repay the amount due. Here is a list of important pointers to be kept in mind while getting a student loan:

Two kinds: Student loans can usually be classified into two broad categories- federal or private.

Interest value: It is very important to decide the period of repayment wisely. If one takes a short period to repay the loan, the amount of interest they will have to pay on loan will also be less. The longer the period, the larger the sum of interest becomes.

Auto-debit: Once you take a loan, you obviously want to get rid of the hassle of repayment as fast as you can.

Scholarships: It seems very hard to get scholarships with the competition around, but it is not impossible. It is not necessary to get a full scholarship, even the smaller amounts help. One can apply for a partial scholarship and cover the rest of the fee with the help of a student loan.

Refinancing: Refinancing is the process of attaining a new loan to pay back old and unpaid loans. If you are lucky enough to find a loan with a low-interest rate, your debt amount could reduce by a significant value.