--- title: Choosing the Right Student Loan description: Here is a quick overview of the best current student loan options for new college students and their families. image: https://go.hfcu.org/hubfs/Picture---Student-Loan.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - 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[dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # Choosing the Right Student Loan ** [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) ** Jun 17, 2019 ![Picture---Student-Loan](https://go.hfcu.org/hubfs/Picture---Student-Loan.jpg) Do you have plans to pursue a higher education degree? Let’s face it, an education at a college, career program, or graduate school is expensive. Most students need some kind of assistance, and navigating the student loan options available can be difficult. Here is a quick overview of the best current options for new college students and their families. ### **Federal Student Loans** The best place to look for college funding is Federal subsidized and unsubsidized student loans. Federal student loans are easier to obtain, as they do not require a credit check or a co-signer. These loans also offer income-based repayment and forbearance/deferment options. Students can apply through one consolidated process called a FAFSA Form, which can be found at **[https://fafsa.ed.gov](https://studentaid.ed.gov/sa/fafsa)**. The 2019 FAFSA deadline is June 30. ### **Private Student Loans** Obtaining private student loans can be trickier and more time consuming than Federal loans. A simple Google search can provide students with an overwhelming number of lending sources with varying degree of credibility. Students and families should carefully review any lending company reviews and specific agreement terms before signing on any loan. Some key factors to consider when agreeing to a student loan are interest rates, term of the loan, origination fees, repayment options, and prepayment penalties. Also keep in mind that most private loans require a co-signer. ### **Grants** Many organizations, colleges, states, and the federal government award college grants. These grants range in amounts and do not need to be repaid. Students can obtain grants based on diversity, organizational membership, or financial need, as reported on the student’s FAFSA application. That’s one more reason not to miss out on the FAFSA deadline! Of course, there are also work-study options, family loans, or choosing to obtain an associate’s degree from a community college before transferring to a higher cost university. Whatever route a student chooses, it should be the most financially sustainable for the long term, while not saddling the student and his or her family with debt for decades after college graduation. ©Balance *The first step to understanding how much debt you can afford to assume is to understand your budget. A strong starting point is the [Hanscom Federal Credit Union Money Management Planner](https://go.hfcu.org/mmp). This is a free, downloadable guide that includes worksheets and tips to help you build a financial plan for the future. Get your copy now by [clicking here](https://go.hfcu.org/mmp).* *[![money management planner](https://no-cache.hubspot.com/cta/default/118438/2a9c8caf-d451-47b1-8e35-79af14b6bb06.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/2a9c8caf-d451-47b1-8e35-79af14b6bb06)*   Others are reading: - *[5 Benefits of Volunteering](https://go.hfcu.org/blog/5-financial-benefits-of-volunteering)* - *[How Direct Deposit and Payday Perqs Improved My Life](https://go.hfcu.org/blog/how-direct-deposit-and-payday-perqs-improved-my-life)* - *[5 Big Mistakes Even Smart People Make With Credit Cards](https://go.hfcu.org/blog/5-big-mistakes-even-smart-people-make-with-credit-cards)* - *[Do You Have Too Much Debt?](https://go.hfcu.org/blog/do-you-have-too-much-debt)* - [*3 Ways to Save Money on Contacts and Glasses*](https://go.hfcu.org/blog/5-ways-to-save-money-on-contacts-and-glasses) ** [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance), [Life Changes](https://go.hfcu.org/blog/topic/life-changes) [** Multiple Ways ID Theft Targets Seniors ](https://go.hfcu.org/blog/multiple-ways-id-theft-targets-seniors) [** Scam Alert: Beware the Pet Adoption Scam ](https://go.hfcu.org/blog/scam-alert-beware-the-pet-adoption-scam) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. 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The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. 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The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. 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Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Hanscom Federal Credit Union" }, "dateModified" : "February 18, 2020, 2:47:41 PM", "datePublished" : "2019-06-17 14:00:00", "description" : "Here is a quick overview of the best current student loan options for new college students and their families.", "headline" : "Choosing the Right Student Loan", "image" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Picture---Student-Loan.jpg" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/choosing-the-right-student-loan", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```