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By Emily Roberts
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Loans allow students to pursue their dreams even in the midst of financial challenges. While the benefits of student loans are clearly evident, students should approach loans with caution. Otherwise, you can end up sinking in huge debt that can affect your career goals. This article highlights some of the key factors you should keep in mind when applying for a student loan to ensure you get the best deal.
Fixed and variable Interest Rates
Lenders dealing with international student loans normally have two options when it comes to interest rates: the fixed and the variable rates. MPower Financing for instance, offer loans on fixed interest rates. MPower Financing is a US based lender offering student loans without a cosigner, collateral or credit history.
For fixed interest rates, as the name suggests, you will pay a fixed interest amount with no fluctuations regardless of the direction the economy takes. Thus, the key benefit of this option is that you won’t bear the burden when the market rates increase. Also, it can be a good option if you are a person who loves budgeting in advance. For the variable rates, the interest can change over time; it can either increase or decrease. The key benefit is that you get to save some money should the interest rates go down. Remember the key differences when making your decision.
Comparison can save you money
When you look up international loans for students or DACA student loans on the search engines, you will get countless results. This is because there are many lenders targeting international students.
Thus, since you have many choices, take advantage of that and make some comparisons. Compare both the interest rates and payment terms from different lenders. Check when the payment starts and how much you are expected to pay every month. Most lenders have a calculator that allows you to get estimated figures even before you apply for the loan. Comparing payment terms can be helpful in choosing a loan that will not be burdensome for your budget. Don’t forget to check the fees.
Lender Benefits
Check the benefits you will get by choosing this lender. Examples of benefits you can get from student loan lenders include discounts for good grades and consistent payments, resume reviews, and networking opportunities. Some lenders also offer scholarships for international students. Check if your lender has this and if you qualify.
Most importantly, when applying for an international student loan, ensure you get one from a reputable lender. Search online to see if the lender attracts positive or negative reviews. Also, email and call them to see how well they respond to students. You should go for a lender who is available to answer you whenever you have a question or issue. Don’t settle for a lender based on the terms only.
To summarize, do your research to ensure the deal you find is coming from a reputable lender. Some of the attractive deals you will see on the internet are nothing but bait to attract unsuspecting international students. Thus you should exercise caution.
Emily Roberts is a young writer who is passionate about literature and blog writing.
