Student loans aren't created equally
Exhaust government loans first; they have the best rates
Use private student loans to fill in the gaps
Shop around—loans differ in interest rates, repayment terms, and borrower benefits
Don't borrow too much—or too little
Carefully estimate your college costs—use our checklist for help
Adding "a little cushion" may mean paying interest unnecessarily
Underestimating can leave you without funding for tuition, books, and other college-related expenses
Missing deadlines is expensive
Carefully create your own College Prep Timeline
Missing deadlines can disqualify you from grants, scholarships and federal loans
Missing college application deadlines may result in late fees
Missing any kind of loan payment will hurt in the form of fees, interest, and a damaged credit score
Over-applying hurts your credit
Simply applying for a loan affects your credit score (and your co-signer's, too)
Limit student loan applications as each one deducts points from your credit score
Choose funding sources wisely
Student loans are generally a better option for financing college than a home equity loan, mortgage refinance, or retirement savings
While credit cards are convenient, make yourself aware of their interest rates; a private student loan may be more sensible than a high-interest credit card
Astrive Student Loans are private student loans marketed by Union Federal Savings Bank, Member FDIC and Equal Opportunity Lender. Astrive is a federally registered trademark of The First Marblehead Corporation, used by Union Federal Savings Bank.
1 American Council on Education, "Missed Opportunities Revisited," February 2006.
