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|There are three things you should know before applying for a college loan in the United States.
More than 60% of the 1 307 students surveyed said they knew about different types of loans and repayment plans, but nearly 40% were unsure about the difference between private and federal loans.
Therefore, it is suggested that students should know the following three things before they go to college on loan: 1.
How much should I borrow?
Before applying for a loan, take a step back and see how the total tuition costs cost your "free money", including scholarships and grants.
If you have to borrow money, apply for a federal loan first, because its terms are more friendly to borrowers.
How much is the monthly repayment?
When the repayment process begins, the real test of whether you can afford a loan is: how much do you pay each month?
Joseph DePaulo, chief executive of College Ave, said the amount of loans, interest rates and repayment terms were the three main considerations.
Long repayment periods have fewer monthly payments, but it takes longer to get out of debt.
At the same time, lower interest rates indicate that more of the monthly payments are used to repay principal.
Knowing the details of repayment also helps to understand which kind of loan meets the monthly budget: is it easy to repay a student loan while paying rent, telephone charges and various expenses?
Apply for federal or private student loans?
The main difference between federal student loans and bank loans is that certain provisions provided by the federal government to borrowers may not be available through private loans.
For example, federal loans provide income-based repayment schemes to ease the burden on borrowers; students do not start repayment until they graduate, leave school or cut their class time to less than half, and they offer fixed interest rates.
On the contrary, private student loans may have fixed or floating interest rates and may require students to start repayment during the last semester, with accumulated interest added to the principal owed.
In addition, if students encounter problems in repayment, they must work with lenders to find solutions.
Private student loans do not have income-based repayment plans.
On average, students are in debt of $30,000 upon graduation.
In order to complete higher education, young people are under heavy pressure of learning loans, which has attracted great attention from public opinion in recent years.
According to the statistics released by Experian, a credit research agency, the average American young people have a credit of 34144 yuan (US dollars, the same below), which is a 62% increase over the amount of 10 years ago.
The Federal Reserve Board reports that the total amount of university loans in the United States has reached 1.
5 trillion yuan.
America's education debt has now exceeded 1.
5 trillion yuan, bringing more burdens to Americans than car loans or credit card debt.
The average student loan at graduation was about 30,000 yuan, much higher than 13,000 yuan in the 1990s.
However, GOBanking Rates, a financial website, suggests that private universities need not be excluded from consideration when considering whether they can afford to attend universities, because some private universities with very expensive tuition fees also have resource-rich grants that allow students to apply and make them really self-sufficient.
Expenditure on outgoings has fallen sharply.
How to obtain a European Union passport?
The first way to obtain a European Union passport is to obtain the country's resident status, then satisfy the conditions of naturalization, and then apply for citizenship.
The vast majority of EU member states either have not issued an investment immigration bill or have no direct investment naturalization bill.
Only a few countries, such as Cyprus, whose investment naturalization program has survived under the pressure of the European Commission, are still providing a convenient access for the world's top rich to easily obtain EU passports.
If you invest more than 2 million euros in Cyprus real estate or equity projects, you can quickly obtain Cyprus EU passport in six months!
As a member of the European Union, Cyprus not only has a great advantage in tax system (no inheritance tax, no capital gains tax, low corporate income tax in Europe), but also the gold content of passport is increasing year by year (173 countries and regions of passport exemption/landing signature in 2019).
Because it has pure water quality and a large number of blue flag beaches, it is also a famous holiday resort in the eyes of Europeans.
It is the main target of the tens of millionaires in China to handle overseas passports.
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