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While The University of Mississippi Medical Center wants students to receive all of the grants and scholarships they can receive each academic year, many students will still need to take out student loans to help finance their educational goals throughout their college careers.
Educational loans are the largest financial resource available to students pursuing postsecondary education, as nearly two-thirds of students attending 4-year institutions will graduate with student loan debt. Student loan programs allow students to borrow money at low interest rates, with no collateral, and generally no co-signer (with the potential exception of Private Student Loans). Additionally, most student loans do not need to be repaid until the student graduates or drops to less-than-half-time status.
Students are reminded that borrowing money for college is a serious financial obligation. In addition to the principal borrowed, interest is generally charged for the use of funds. It is important to remember that when you borrow money it must eventually be repaid. When signing a loan promissory note, you enter into a legal, ethical agreement. Legally, you will be required to sign the note promising to repay the loan. Ethically, you are responsible to future borrowers, since collections from old loans are major funding sources for new loans. Think about this commitment carefully when taking out a loan, and consider how much you reasonably can afford to repay. With that being said, student loan debt, along with mortgage debt have always been known as the best forms of debt to have, as an investment in your education is an investment in your future.
From a financial standpoint, it is wise to pursue loans in the following order:
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