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Tag: Bank Loans

  • US, China are still committed to global debt efforts, IMF strategy chief says

    By Andrea Shalal and Karin Strohecker

    WASHINGTON (Reuters) -Top U.S. and Chinese officials will join Wednesday’s meeting of the Global Sovereign Debt Roundtable, where a key topic will be the lack of transparency about bank loans that have complicated developing countries’ debt restructuring efforts.

    International Monetary Fund strategy chief Ceyla Pazarbasioglu said the continued participation of the world’s two largest economies in the roundtable, despite a fierce trade war dividing them, showed their commitment to keep addressing the high debt levels hurting developing countries.

    Speaking to reporters at the annual meetings of the IMF and the World Bank, Pazarbasioglu said the roundtable created in 2023 had led to progress in shortening the timelines of official debt restructurings and restructuring bonded debt, but there was more work to do on non-bonded debt.

    “These discussions have been important to get everyone on the same page,” she said. “The fact that tomorrow we will have the U.S. Treasury Secretary (Scott Bessent) there, China will be there, and others will be there, is a sign that they are still committed to this discussion.”

    CALL FOR TRANSPARENCY OVER DEBT

    Pazarbasioglu said transparency was a shared concern, especially regarding non-bonded debt holdings. “They would like to see more transparency in terms of debt. They fully back this effort of publishing data by the debtors.”

    “Non-bonded debt is the laggard at this point,” she said, noting that some countries had moved through a debt restructuring process but still faced bank exposures or other exposures that prevented credit rating agencies from removing them from default status and increasing their ratings.

    “This is a critical step to make sure that countries are able to access lower cost financing. So that’s what we are really focusing on now,” she said.

    A recent IMF paper detailed the challenges faced by countries such as Ghana, Sri Lanka, Zambia and Suriname, which have gone through debt restructurings, but are still negotiating with loan creditors, delaying upgrades by ratings agencies.

    The Group of 20 major economies, which launched the Common Framework for debt restructurings during the COVID pandemic, is also expected to issue a statement on debt issues later this week, activists and officials with G20 countries said.

    GLOBAL DEBT AT RECORD LEVELS

    Global debt is at record levels, but many emerging markets have actually reduced their debt-to-GDP ratios, although they still face crushing debt service payments and have been crowded out of the capital market by advanced economies.

    Investors and debt experts say high borrowing costs on international capital markets have effectively shut out many riskier borrowers, pushing governments to opt for loans where terms and conditions are rarely published.

    Jose Vinals, former Group Chairman of Standard Chartered – one of the two private sector creditors together with BlackRock that are part of the global sovereign debt roundtable, said more transparency was clearly needed.

    “This is something that complicates enormously the restructuring processes and I think one of the things where progress needs to be made,” he said during an event hosted by the Bretton Woods Committee on Tuesday evening.

    Loans lack mechanisms such as collective action clauses often written into bonds that help to streamline sovereign debt restructurings by allowing a majority of bondholders to bind the minority to a new deal and prevent “holdout” creditors.

    “When you talk about bank loans, we don’t have those positions, so it’s much more complicated,” Vinals said, calling for accelerated discussions on the issue in coming months.

    He also pointed to working groups such as the London Coalition on Sustainable Sovereign Debt, launched in June by the British government to help make debt contracts clearer and more transparent, improving the way loan terms address natural disasters, and addressing problems with group lending practices.

    England and New York are jurisdictions that are used for almost all international bond and loan contracts across emerging markets.

    (Reporting by Andrea Shalal and Karin StroheckerEditing by Frances Kerry)

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  • How to Raise Funds for Your Business in an Economic Downturn | Entrepreneur

    How to Raise Funds for Your Business in an Economic Downturn | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Concerns that the U.S. is headed for a recession have been mounting for a while, especially among business owners. One survey found that eight out of 10 small business owners anticipate a recession will happen sometime this year.

    Recessions affect most businesses in two ways — first, revenue takes a hit as consumers start holding onto their cash instead of spending. Second, tightening credit conditions limit the number of financial resources available to help businesses weather economic challenges.

    Some businesses consider taking out a loan or line of credit when economic hardship is on the horizon, but is this the right move for your business?

    Related: How to Fund Your Budding Small Business During a Recession

    Should you get a loan during a recession?

    You may not like the idea of taking on additional debt and wonder if applying for a loan during a recession is a good plan, but there are situations where taking out a loan or line of credit is the smartest option.

    You should start by considering how much cash you have on hand. If you’re heading into an economic downturn with little cash, a business loan can provide a financial buffer. Access to cash will give you options for solving challenges, making staying profitable and committed to growth that much easier.

    This is especially true since no one knows how long a recession will last. You may have enough cash to get you through the next six months, but that won’t help if the downturn lasts two years or more.

    Waiting until you desperately need money can significantly reduce your options. As a downturn approaches, lenders tighten their guidelines, and you may be unable to meet their inflated eligibility requirements amid economic hardship. If you think you may need additional capital, it’s best to act sooner rather than later.

    Lending standards are starting to tighten

    Many companies struggle during recessions as demand falls and uncertainty about the future increases. They’ll start to look for ways to increase capital, like taking out a business loan or line of credit, but this becomes a challenge since most banks will tighten their lending standards during an economic downturn.

    As the economy worsens, banks face a higher risk when lending money. Most banks will only lend money to established businesses with strong credit histories and limited industry exposure to mitigate their risk of financial loss, which inflates eligibility criteria and makes it harder for entrepreneurs to qualify altogether.

    Fortunately, banks and credit unions aren’t the only lending institutions. Non-bank lenders don’t follow the same guidelines as traditional lenders, so they can extend credit to a wide range of businesses, even during a recession.

    Related: Worried About Raising Capital in a Recession? Give Your Company The Edge By Doing What Other Entrepreneurs Often Overlook.

    Consider using a non-bank lender

    A non-bank lender is a financial institution that isn’t a bank or credit union. They lend money like traditional lenders but don’t have a full banking license, and they don’t offer things like checking and savings accounts.

    There are advantages and disadvantages to going the non-bank route. While this type of lender tends to charge higher interest rates than banks or credit unions, they offer numerous quality-of-life improvements and specialized benefits, including online communications, streamlined underwriting processes, fast funding times, alternative financing solutions and more.

    What you lose in the cost of capital is gained through speed and efficiency. For example, you can complete the application in as little as 15 minutes at some institutions, and many lenders provide same-day or next-day funding.

    These loans also come with fewer stipulations about how you can spend the money, and the cost of capital can be offset with revenue-driving opportunities. For example, spending $10,000 on interest charges won’t matter as much if you increase your revenue by $50,000.

    Plus, as you continue to build a relationship with that lender and improve your business credit score, you’ll be eligible for better rates in the future.

    Start looking for business financing now

    After the Silicon Valley Bank collapse in March, some economists lowered their economic growth forecasts for the year. The lending environment was already starting to weaken following numerous prime rate hikes, but the SVB crisis caused many banks to tighten their lending standards even further.

    In particular, small banks have to be more cautious about lending money in an effort to preserve cash. Small to medium-sized banks account for roughly 50% of commercial and industrial lending, so this will impact a number of businesses.

    Federal Reserve documents predicted that the fallout from the banking crisis would likely lead to a recession later this year, and it’s unlikely that we’ll see any significant improvements for at least two years.

    If you anticipate needing funds in the coming year, you should start looking for business financing now. Although you might be apprehensive, a loan or line of credit can tide your business over until the economy improves and give you the capital you need to continue growing.

    Related: 5 Ways to Protect Your Business From a Recession

    Joseph Camberato

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  • RBI looks askance at co-lending arrangements

    RBI looks askance at co-lending arrangements

    After coming down heavily on the banks-fintechs partnerships, it’s now the co-lending structures which has caught the Reserve Bank of India’s attention. The exponential growth of loans lent through this model has made the regulator uncomfortable with the arrangement.

    To put things in perspective, against ₹5,000 crore of loans originated through co-lending in FY22, the recently ended fiscal saw the number jump over five-fold to ₹25,000 crore.

    The biggest concern

    “Some of these co-lending arrangements are being entered into by mid- and small-sized banks with non-banks which don’t have a long history or a proven track record. In such cases, the regulator is worried whether adequate checks and balances are in place to ensure that there are no lapses in underwriting,” said a senior executive of a private bank.

    However, it seems that the larger banks are cautious about such arrangements.

    For instance, KVS Manian, whole time director, Kotak Mahindra Bank, in an interview to  businessline, said the model hasn’t evolved much yet for the bank to get comfortable with it.

    The regulator is also perplexed that when some segments such as the market for home loans have seen a slowdown in demand, loans lent through co-lending agreements have grown at a mind-boggling pace.

    Low-ticket loans

    “We need to see whether some of the erstwhile loopholes with the securitisation model are being exploited by lenders in the co-lending model,” said another highly placed source aware of the issue.

    Hence, at banks and NBFCs where such partnerships witnessed an above-average growth, the regulator is checking whether a customer sourced by the bank from an NBFC is an exclusive customer or if he was served by another bank prior to being onboarded by the bank.

    “Especially with low-ticket loans, there are reasons to believe that there could be some sort of evergreening of loans going on in the system and the objective of increasing the supervision is to clamp down such practices,” said the source quoted above.

    Post the ongoing review, regulations around co-lending arrangements are expected to be tightened. 

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  • Why Customer Confidence Always Comes First | Entrepreneur

    Why Customer Confidence Always Comes First | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    If you’re in the professional services industry, take a step back and watch what’s happening in the banking industry right now. As of this writing in late March 2023, two banks have failed in the US, and the FDIC stepped in to support the depositors, making them whole. This means the money was not lost per se but rather inconvenienced momentarily.

    However, in the week following, over 120 billion dollars flowed back into the nation’s top 25 biggest banks.

    This should scream to you that consumer confidence is the most important aspect of the client relationship. Period.

    Using banking as an example, customers are always on the lookout for the best deals. They want the lowest interest rates on loans, the highest interest rates on savings and the best customer service. This is why many customers opt for local and regional banks. These institutions often offer better rates and more personalized service than larger banks.

    Related: Analysts Remain Bullish On These 3 Regional Banks

    However, when the economy takes a turn for the worse, and a couple of small banks fail, it can quickly shake customers’ confidence. Suddenly, the safety and security of their funds become the priority, and they run back to the big banks they once avoided and likely still loathe.

    Need more examples? If you’re hiring a CPA for your company’s tax return, what’s more important: customer service and friendliness or your tax bill? Would you feel okay paying more in tax if they responded to your emails and were friendly? Probably not.

    How about this — if you were wrongly accused of a crime and needed to hire a defense attorney, which is more important? Hourly fees, customer service or the ability to get you out of jail. See what I’m saying now?

    The worst part of all this is that the overwhelming majority of local or regional banks are probably doing just fine. All it took to move all those billions of dollars back to the big banks was the mere thought of a small chance of failure (even though it’s still FDIC insured). The slightest sliver of doubt sent them running back to the perceived safety (and horrible service and rates) of big banks without even giving the local guys a chance to defend themselves.

    Related: Banks or VCs; Where Should Startups Seek Funds?

    In banking, law and all professional services, confidence must come first, followed by customer service. Clients are willing to overlook customer service issues if they have confidence in the provider’s ability to deliver results. This is not to say that customer service is not important. It is crucial in building and maintaining client relationships. However, it is not the primary driver of the client’s decision-making process. I always say, “People work with people they like,” but I should add that they only work with people they know can get the job done, then they pick the one they like most.

    So, how can professional service providers build and maintain client confidence? There are a few key strategies that can be employed:

    1. Build a strong reputation. Reputation is everything in the professional services industry. A provider’s reputation is built on their track record of delivering results, expertise and ability to meet client needs.

    Saved a client some money on their taxes? — make sure you tell everyone you know.

    Win a big case? — tell everyone you know! Spread the word!

    2. Communicate often. This transparency can help build trust and confidence in the provider’s ability to deliver results. Taking a personalized approach and communicating frequently can show clients that they are important and that their needs are being met.

    3. Embrace technology. Like it or not, technology is changing how professional services are delivered. By embracing technology, you stay current in the world. This also instills confidence that you’re able to keep up in the changing world and are at the forefront of your industry. That CPA that “doesn’t do email” probably isn’t as up-to-date on recent tax law changes either.

    Remember to be the person they trust; then be the person they like.

    Scott Ford

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  • 8 Things Entrepreneurs Should Look for When Getting a Business Loan

    8 Things Entrepreneurs Should Look for When Getting a Business Loan

    Opinions expressed by Entrepreneur contributors are their own.

    If you need funds for your enterprise, it can be very tempting to go for the first business loan on offer. However, there are a number of things you should look for before you sign on the dotted line.

    1. The right loan type

    As with personal finance, there are several different forms of business loans, so you need to choose the one that best suits the needs of your enterprise.

    • Traditional loans: These are the business equivalent of a personal loan, which can be secured or unsecured. You’ll borrow a set amount and have a set repayment schedule with a fixed interest rate.
    • Line of credit: A line of credit provides you with a set funding amount but you don’t need to receive and pay interest on the full amount. You can call down funds as you need them and you’ll only pay interest on the amounts you borrow.
    • Equipment financing: If you need funds to purchase equipment, this type of business lending is designed to suit your needs. The piece of equipment you purchase will act as collateral for the loan, so you can usually access more flexible terms.
    • SBA loans: SBA or Small Business Administration loans are an option if you would struggle to qualify for a bank business loan. The lending criteria is more flexible, which could be a more agreeable choice for new enterprises.

    Before you agree to a business loan offer, it is well worth assessing the other types of business lending to confirm the loan is the best fit for your enterprise.

    2. Manageable loan repayments

    Before you sign the loan contract, you should have an opportunity to check the details of the loan repayment requirements. You will need to think carefully about whether you can comfortably accommodate the monthly payment in your budget, not only now but throughout the lifetime of the loan.

    If you have concerns that the payments may be difficult, or you may struggle to meet the payment deadlines, it is best to look for another loan product. Missed or late payments can not only create additional financial stress but can have a massive impact on your credit.

    Related: The 7 Different Loans You Can Get as a Business Owner

    3. Reasonable loan fees

    This follows on from the previous point, but you should also be fully aware of what fees you will incur with your new business loan. In addition to paying interest, you may incur origination fees, and processing fees. These will be added to your loan principal or you’ll need to pay them upfront. Ideally, your new business loan will have little or no such fees.

    You also need to watch for the fees you may incur during the lifetime of the loan. For example, you don’t want to get stung with a massive late fee if there is a mix-up at the bank. It is also a good idea to look out for early repayment fees. If your business finances change and you want to clear the loan, you won’t want a loan that imposes a hefty early repayment fee.

    4. A good lender reputation

    Unfortunately, not every lender in the market offers the same level of service, in fact, some can be downright risky. The adage of “too good to be true” certainly applies here. So, it is vital to investigate the lender’s reputation and be on the lookout for some red flags. These include:

    • No credit check requirement: If a lender does have minimum credit score requirements or does not require a check of your credit score by soft or hard pull inquiry.
    • No verifiable credentials: If the lender does not have a professional website and does not provide details of a physical address.
    • Lack of fee transparency: Lenders should be very clear about their loan fee structure, so you are completely aware of how much the financing options will cost.
    • Pressure selling: If the sales rep is trying to pressure you to immediately accept a business loan offer without presenting you with information and the time to study it.

    5. The correct loan amount

    While it may be tempting to get the biggest business loan you can get approved for, this is not likely to be a good idea. Likewise, if the loan offer won’t cover your immediate funding needs, it is not the right choice.

    Think carefully about what funds you need and how you’ll use them, so you can be sure to obtain a loan for the correct amount.

    6. An attractive interest rate

    As with any form of finance, your interest rate will determine the cost of your business loan. Lenders will use a variety of criteria to determine your risk profile and therefore your rate. However, these criteria vary from lender to lender, with some lenders being more rigid and some lenders being more flexible.

    If you have a brand new enterprise, you’re not likely to get the best rates, unless you have excellent credit yourself. But, it is still important to compare rates to ensure that you’re getting the lowest possible rate for your enterprise.

    However, you may be prepared to pay a slightly higher interest rate if there are minimal fees or other benefits to the loan. So, don’t look at the interest rate comparisons without some context.

    Related: 3 Different Types of Business Financing and What Entrepreneurs Need to Know

    7. A reasonable funding time

    While you may not need the funds urgently, you are still likely to want to implement your plans as soon as possible. So, check the funding times each lender offers for their business loans. After you submit your application and receive approval, when can you expect to receive the funds in your bank account?

    Some lenders can release funds in 24 hours or only a few days, but other lenders are slower. If you will have to wait weeks or months for your funds, it is a good idea to look at alternative options.

    8. Solid customer support

    Finally, it is worth checking the levels of customer support offered by your potential lenders. If you have queries or questions about your loan, can you speak to the support team quickly? Some lenders have phone helplines, while others rely solely on email or chat. So, you need to be comfortable with the customer support options.

    It is well worth reading some reviews of the lender to see if there are any red flags about long call wait times, slow responses to emails or other customer support issues before you become a customer.

    Bottom line

    Getting the right business loan for your needs requires some time to compare the different aspects and lenders. When you follow the factors above and make sure to maximize each of them, you can save money, time and financial stress.

    Baruch Mann (Silvermann)

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  • Subsidized vs. Unsubsidized Student Loans: What to Borrow?

    Subsidized vs. Unsubsidized Student Loans: What to Borrow?

    Disclaimer: This article is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other financial professional to determine what may be best for your individual needs.

    A college education in the U.S. might be expensive, but it’s still accessible to many American students thanks to federal student loans. The only problem: It can be tough to know which student loans to choose from, mainly subsidized vs. unsubsidized student loans.

    If you’re unsure what to borrow or the difference between these student loan types, you’ve come to the right place. Read on for more information about subsidized and unsubsidized student loans.

    What are subsidized student loans?

    A subsidized student loan, also called a direct subsidized loan, is a federal student loan available to undergraduate students if they show sufficient financial need.

    Being subsidized means interest rates are temporarily paid for or halted by the government, and are generally much lower than unsubsidized loans. This allows students to focus on education without worrying about interest accruing on them for some of their terms.

    More specifically, the US Department of Education pays all of the interest on subsidized student loans so long as the borrower is enrolled at least half-time in school. This arrangement continues for six months after graduation and during other applicable deferment periods.

    What are unsubsidized student loans?

    An unsubsidized student loan is also a kind of federal student loan. But unlike subsidized loans, the interest rates for unsubsidized loans begin accruing as soon as money is distributed to a borrower’s school.

    However, this doesn’t mean that students need to pay the interest right off the bat. Students can choose not to pay the interest while in school and throughout a six-month grace period after graduation. However, unpaid interest accumulates during this time and constantly adds to the borrower’s total balance.

    Main differences between subsidized and unsubsidized student loans

    To recap: Subsidized student loans’ interest is paid for by the government while students are in school and for six months after graduation.

    The government does not pay for unsubsidized student loans’ interest at any point, so it consistently accumulates. Graduate students only have eligibility for unsubsidized loans, and only in some cases.

    However, there are many differences between subsidized and unsubsidized student loans aside from the above basic breakdown. Here’s a closer look at those differences.

    Loan limits and qualifications

    Direct subsidized student loans have lower annual loan limits than direct unsubsidized loans. For example, first-year dependent undergraduate students can borrow $3500 in subsidized loans and $5500 in unsubsidized loans. Both contribute to a total federal student loan limit of $23,000.

    Furthermore, students must demonstrate sufficient financial need to qualify for subsidized types of loans. You can apply via the FAFSA or Free Application for Federal Student Aid. In contrast, unsubsidized student loans are available to any student borrower, no matter their financial need.

    Interest and fees

    As mentioned above, the most significant difference between subsidized and unsubsidized student loans is how interest is handled. Subsidized student loans have their interest paid by the government for a while, but unsubsidized loans do not.

    There are other differences as well, however. Subsidized federal student loans have fixed annual percentage rates or APRs of 4.99% for all loans disbursed from July 1, 2022, through June 30, 2023. These apply to loan payments (usually monthly payments) required over the life of the loan.

    Unsubsidized federal student loans have fixed APRs of 4.99% for undergraduate loans, 6.54% for graduate or professional student loans, and 7.54% for PLUS loans. These rates apply for the same timeframe as subsidized loans.

    Meanwhile, subsidized and unsubsidized loans have fees of 1.057% for all loans disbursed between October 1, 2020, and October 1, 2021.

    Grace periods and deferment

    Subsidized and unsubsidized federal student loans have six-month grace periods, or periods of deferment, meaning student loan repayment won’t begin until six months after graduation.

    However, unsubsidized loans’ interest capitalizes, meaning that it is added to the original loan amount. That’s because, as stated above, the federal government doesn’t pay the interest fees for unsubsidized student loans.

    Unfortunately, this can lead to a spiraling and costly effect. The larger the principal loan balance gets, for example, the more each successive interest charge adds to the pile. Therefore, prospective students should be careful about using too many unsubsidized federal student loans.

    As far as deferment is concerned, the Education Department pays interest for all subsidized loans during deferment periods, like the recent one for Covid-19. Unsubsidized loans, of course, have their interest continue to be collected during deferment.

    Recently, the U.S. government released a student loan debt relief program. U.S. citizens could qualify for loan forgiveness. However, this program is currently blocked.

    How much money can you borrow?

    Now that you know the significant differences between subsidized and unsubsidized student loans, you might wonder what the maximum amount you can borrow is.

    Dependent first-year undergraduate students can borrow $5500 in student loans, of which no more than $3,500 can be subsidized. Independent students, meanwhile, can borrow up to $9,500. Again, only up to $3,500 can be in subsidized loans.

    The loan rates increase for each successive year of schooling. Here’s a breakdown:

    • Dependent second-year undergraduate students: $4,500 in subsidized loans, $6,500 total.
    • Independent second-year undergraduate students: $4,500 in subsidized loans, $10,500 total.
    • Dependent third-year and beyond undergraduate students: $5,500 in subsidized loans, $7,500 total.
    • Independent third-year and beyond undergraduate students: $5,500 in subsidized loans, $12,500 total.

    As you can see, you can only take out a certain amount of money in loans per year from the federal government. If you have more financial needs, you’ll have to seek financial aid through scholarships, grants or loans from private lenders or other institutions.

    Which should you use: subsidized or unsubsidized student loans?

    Given all this information, you might ask yourself whether you should prioritize subsidized unsubsidized student loans.

    For most American students, the answer is clear: Subsidized student loans are superior because you don’t have to worry about interest accruing while you are at school and through any grace or deferment periods.

    In this way, you’ll pay less for subsidized loans over their lifespans than unsubsidized loans. However, you can’t take out as much money in federal direct subsidized loans as you can in unsubsidized loans.

    The most followed strategy is this:

    • Apply for as many federal student-subsidized loans as you can. Take out as much money through this system as possible, as it is the most cost-effective way to pay for your education and benefit from plentiful repayment options.
    • Then, only if you still need a little more money, take out extra unsubsidized federal student loans for the remainder of the academic year to pay for the cost of attendance.
    • Alternatively, pursue other means of financial aid, like scholarships, grants, and other loans with low-interest rates from secondary financial institutions and lenders like banks or credit unions.

    If you do this, you’ll negate as many of your future interest payments as possible and walk away with as much financial aid as possible.

    Related: Don’t Be a Victim: 4 Ways You Can Take Charge of Your Student Loans

    Should you take out federal or private student loans?

    Given the potentially high costs of unsubsidized federal student loans, some students might wonder whether private loans are better.

    It’s almost always better to borrow federally first. Why? Private loans, even those offered by trustworthy financial institutions, usually have higher interest rates. They also usually require cosigners if student borrowers don’t have credit histories, which is very common for first-time college students.

    Related: Private and Federal Student Loans for College: Which Works Best for Your Child?

    Meanwhile, subsidized and unsubsidized federal student loans offer more forgiveness and refinancing options, borrower repayment plans and extra flexibility compared to private loans.

    In the worst-case scenario, if you default on your loans and have a ton of student debt, you’ll have an easier time resolving things with federal student loans than with private student loans.

    You should only use private student loans if you have to fill unexpected payment gaps to meet college expenses or if you find an excellent deal with a low-interest rate. In that case, a private student loan might be slightly better compared to an unsubsidized student loan, but that’s rarer than not.

    Summary

    In many ways, subsidized student loans might be superior to unsubsidized loans. Still, both could allow you to acquire a college education and open up new professional pathways for your future.

    If you qualify for student loans, it may be best to take them, provided you plan to pay them back once you graduate. Additionally, consult your college’s financial aid office to receive more personalized counseling.

    Looking for more resources to expand your financial knowledge? Explore Entrepreneur’s Money & Finance articles here

    Entrepreneur Staff

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