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Student Credit Cards and Student Loans Two Different Options to Deal With Academic Expenses


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College students are not always capable to afford all their education's expenses. Some of them may have the support of their families, but most of young people in college face budget problems.

Assisting to a college has its well known advantages, but it also implies to deal with many different situations of the adult world. Thinking about college expenses when are not just talking about colleges’ fees, books and academic needs. Feeding, clothing and free time costs are also included as student expenses.

If you do not have plenty economical support of your family, or your schedule does not aloud you to have a full time well remunerated jobs, you may want to know some alternatives to support your expenses.

Get To Know Your Options

There are two main categories of credit that are offered by financial institutions and have been specially developed for students. Those are student credit cards and student loans. Each one has its advantages and disadvantages and also there are different plans, depending on the financial company you choose.

Student Credit Cards

Student credit cards are the most common access to credit for the students. You may not want to use them to pay your colleges fees, but they may be a good help on books purchasing and any other unforeseen expenses that may appear.

Applying for student credit cards is easier and has less requirements than applying for any other credit card. Since they are meant for students, you are eligible even if you do not have a job, and you can still get a considerable credit amount.

Student credit cards as well as any credit card aloud you to buy online, select whether if you would like to pay or not monthly installments or just one payment, and the best thing is that you do not have to use them just for academic reasons.

This may also be a trap, you have to be careful if you do not want to be in debt from one day to another. Keeping record of your purchases, and trying to maintain your expenses within a monthly budget may be good tools to keep you out of debt. The credit amount that you are given with your credit card should be a reason to feel secure in case of unexpected expenses, not a constant temptation to buy anything that comes to your mind.

If you have not dealt with credit before, or you are not sure whether if you are going to be responsible enough with your credit card, you may want to try first with a secured credit card. These credit cards work the same as a regular credit card, but you have to make a deposit with the card issuer to get started, that amount will work as your credit limit. After using a secured credit card for a few months you will learn how to manage your account in a responsible way and then you may feel like applying for a non secured student credit card.

Always remember that student credit cards may be the first brick into your credit history. Paying your bills on time and staying out of debt may give you extra points in future loans.

Student Loans

The two most important types of student loans are Federal Student Loans and Private Student Loans. They are different from each other and have different requirements to be accomplished in order to be approved.

Federal student loans depend on the Federal Government and may be solicited based upon need and non need. Once the student is approved, the loan amount goes to the college to finance the student's academic needs.

Private student loans are easier to obtain if you already have a good credit record. You can still apply if you have no credit history or if your credit is not so good. In this case, you will need a cosigner to be eligible. Different from Federal student loans, the funds of private student loans are given directly to the applicant.

Kate Ross has a Master in Finance and has been a university teacher as well as a financial consultant for years. She specializes in Unsecured Loans and also in helping people to get approved for bad credit loans, home loans, guaranteed loans, bad credit auto loans, guaranteed credit cards among many other financial products.For further information, please visit


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