The high costs of college education mean that without access to student loans large numbers of people would be prevented from getting a higher education. Since graduates usually earn much more than others the taking of a student loan can be viewed as investing in a future career. At the same times it does involve accepting a considerable debt burden with the possibility of legal sanctions if the loan is not repaid. A proceed with caution warning is in order.
1. Applying for Loans
The local school’s financial aid office has all the information about the financial aid available to students. The aid applicant needs to provide information about their financial situation so the government and schools can decide if they meet the assistance criteria. If the aid application is approved the applicant may want to accept the loan in full or part. Often receipt of assistance is made dependent on the student first attending a counseling session to learn the loan conditions.