No Sports Scholarship? 9 Easy Ways How to Take out a Student Loan
Not getting your sports scholarship can feel very defeating. No need to worry, here is nine easy ways how to take out a student loan so you can still get playing.
Every year, thousands of Americans get into college through sports scholarship programs.
But are you one of the unlucky ones who didn’t get a sports scholarship? Are you now looking for how to take out a student loan?
Not getting a scholarship is a difficult thing to go through, but not all is lost. You have a wide range of options available to you when it comes to securing funds for school.
Check out our list of 9 ways on how to take out a student loan. If you follow our tips, you’ll open opportunities for your future.
- Look for a Company That’ll Pay for Your Tuition
There are many employers out there who are prepared to pay for some or all of your college education.
For example, if you work with the United States Postal Service, they will pay you up to $5,250 in tuition assistance every year. A great thing about this offer is that you’re eligible for this bonus from the very first day you work for them.
Some other companies that’ll help you pay for college include Comcast, Starbucks, and Wells Fargo.
- Take a Loan from a Family Member
If you have a good relationship with your family members, you could consider asking for a loan to help with your college education.
In order to make sure such a loan goes smoothly and doesn’t cause any conflict, you’ll need to take a few factors into account.
For instance, you need to have a solid plan to repay the loan. What is your career trajectory? Are you going to have sufficient income to pay back the loan within the agreed time frame?
When you take a loan from a family member, you should be honest about your ability to pay it back. Don’t oversell your ability to pay back the loan.
You should also ask a few questions of the lender. For example, will they have the right to ask you to take a certain job or alter your expense? Failure to clarify these points early on could lead to conflict.
- Take out a Home Equity Loan
Since you’re looking to go to college, it’s not likely that this one applies to you.
But if you’re lucky enough to own a home already, you could use a home equity loan to pay for college. When you take out this kind of loan, you’re using your home as collateral. Make sure you have the ability to pay it back when the time comes.
- Consider Government Loans
If you’re looking to apply for school loans, a government loan is often your best option. These loans generally have very low-interest rates. The biggest downside to these loans is they might not cover all of your expenses.
To apply for a federal loan, you’ll need to fill out a FAFSA form. This will establish exactly what kind of aid you are eligible for. You’ll need to provide a lot of personal information about both yourself and your parents.
After the form is submitted, you’ll receive a financial offer from your school of choice. If you choose to accept, you’ll need to complete a brief entrance counseling session. Then, you’ll have to sign a loan agreement.
- Look into Private Lender Loans
While almost anyone should be able to qualify for government loans, you might not get the amount of money that you need to complete your studies. In this case, you might need to look into a private lender loan.
Private lender loans are offered by institutions such as banks. There is a large variety of different terms and conditions offered by private lenders. Unfortunately, they would be too long to list them all here.
Just make sure you do your research when applying for this kind of loan. Shop around to look for the best possible deal. If you have trouble finding a loan, there are some companies that specifically have student loans for bad credit.
- Get a Co-Signed Loan
In a lot of cases, you might be refused for a private lender loan.
If this happens, you might have to look for a co-signer. A co-signer promises to repay the loan if you fail to do so. Asking someone to be your co-signer is a serious responsibility. So it is not something you should do lightly.
- Consider Credit Card Loans
If all else fails, you could try using credit card loans to finance your education. Credit card loans generally do not offer very favorable interest rates, so you should only use this method as a last resort.
- Look for Other Scholarships
Just because you didn’t secure a sports scholarship doesn’t mean you can’t get in on another kind of scholarship.
There are all sorts of scholarships, so there might be one that applies to you that you weren’t aware of. For example, did you know that there are scholarships for African-American students? Or scholarships for musicians?
- Peer-To-Peer Loans
Have you been rejected for a bank loan? Then you could consider trying a peer-to-peer loan.
Peer-to-peer loans are where individuals and investors lend you money, instead of an institution. The terms are sometimes more favorable than loans would be from a bank.
How to Take out a Student Loan Answered
As you can see, there is a wide variety of options available to you. If you didn’t manage to get a scholarship, there’s no denying that you face more challenges. But now you know how to take out a student loan.
When looking for loans, the key thing to remember is you need to do your research. Don’t rush to sign on the dotted line. You might have more choices than you realized.
Make sure you’ve fully researched all the scholarships that are available to you before you sign up for any loans. You never know, there may be a scholarship out there that applies perfectly to you!
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