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Why Student Loans Are Better Than Credit Cards  by: Vanessa McHooley You need some more money for college expenses this semester. Do you whip out a credit card to pay for your books, or do you apply for a federal or private loan? Well, consider the options – With a federal loan, your interest rate will be low (around 5%) and your payments will be deferred until 6-9 months after graduation. With a private loan, the interest rate will be slightly higher than with a federal loan but will still be lower than average. In addition, you will only need to make interest payments until after graduation. With a credit card, on the other hand, the interest rate can be as high as 21%. Interest begins accruing almost immediately, and you need to begin paying off the bill the next month. This is not to say that credit cards do not have a place in your college life. It is good to have one national card (Visa, MasterCard, Discover) on hand to help you build a positive credit history and to provide security in emergencies. When you decide to apply for a card, compare annual fees, interest rates, and introductory offers. And to keep yourself out of debt, try to— Pay your balance each month to avoid interest charges Pay your bill on time to avoid late charges Avoid cash advances, which come with large finance charges and interest that begins accruing immediately. This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more on how Student loans are better than credit cards at http://www.NextStudent.com. About The Author My goal is to help every student succeed - education is one of hte most important things a person can have, so I have made it my personal mission to help every student pay for their education. Aside from that, I am just a pretty average girl from SD. http://www.nextstudent.com/ This article was posted on January 25, 2005   View More Videos from the "Kids and Teens" category: The A March Dance the Tribal Walk How to Have Fun With a Parachute Halloween Ideas - No-Sew Prisoner Costume   Read More Articles from the "Kids and Teens" Category: How To Find The Best College Credit Cards by Morgan Hamilton Play With the Best Video Game System and Spend Hours of Great Fun by Harvey Perl What Can You Do About Unwelcome Gang Influence? by Burrel Lee Wilks III Great Gifts for Children by Morgan Hamilton Bowling Is A Great Activity For Kids by Dorrie Ruplinger Making Homemade Gizmos For Fun - Inexpensive And Rewarding Projects by Alan Detwiler How to Teach Kids To Swim by Swimming Lesson Prom Night on a Budget by Tom Razor Private Student Loans – dispelling the myths by Vanessa McHooley Kids Martial Arts by Wilf Staton << Back to "Kids And Teens" Index

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