There are plenty of options for you to fund your paralegal education, but only a few can match the advantages of a student loan. Of course, grants are definitely better because they don’t have to be paid back; however, not everyone has the privilege to receive one.
But getting a federal student loan is the next best thing to undergoing online paralegal training for free. Such type of government-backed financing is beneficial to anyone, particularly to paralegals.
Considering the current salary and career trends in this occupation, here are some of the reasons you should apply for a federal student loan:
You May Be Forgiven
One of the most attractive features of a federal student loan is its generosity. Private loans would require you to pay off your debt by hook or by crook; your federal loan, on the other hand, can be dissolved if you choose to work in the government or any non-profit organization for at least 10 years.
The government has several other forgiveness opportunities, but if you’re considering to start your career serving Uncle Sam, then you can’t complain about this possibility.
You Can Postpone Your Repayments
With federal loans, you can ask to postpone your repayments for up to three years. This could seriously give you enough time to work your way up and earn a better paycheck by the time you have to resume your payments.
Especially when you’d most likely need to gain some experience first before you can get a better salary, the temporary postponement of your repayments could help free up your budget during your entry-level years.
You Can Pay It Off Early without Penalties
Most private companies lend you the money to make money in interest from you, which is why they often have little to no pre-payment option available to maximize their profits.
In contrast, the federal government wouldn’t charge you a single penny for paying extra. This would allow you to shorten the term of your loan, save thousands in interest, and be debt-free faster.
Federal student loans are one most favorable financial products available to pay for your paralegal education, Legalstudies.com says. You may still have to pay it back at some point, but the government is often keen to go the extra mile — when private companies are unwilling — just to work with you.