The majority of students can’t afford to fund their college education themselves, so getting a student loan is their only option.
These loans have low interest rates and don’t have to be repaid until after you graduate.
Once you’ve exhausted all other means of financing your education, you’ll need to apply for a federal loan.
Student loans funded by the government have very low interest rates and favorable repayment options as well as being less likely to rely on your credit file.
You don’t even need to have an unblemished academic record; the only requirement is that you can demonstrate your need for financial assistance to enter further education.
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What are the different types of government student loans for students studying for a degree?
1) A Federal Stafford Loan is one of the most common loans for college students.
2) A Federal ‘PLUS’ Loan is for the parents of students to borrow the money needed to finance their child’s college/university education.
These loans do require that the borrower pay interest and that the parents make payments whilst the student is in education.
The loan is subject to a credit check.
3) A Federal Perkins Loan is a loan for students in the greatest of financial need.
It’s a beneficial program that offers a very low interest rate of 5%.
How to apply for a Government student loan:
1) If you wish to apply for a federal loan, you can apply online via the FAFSA website form.
This form contains a detailed list with step-by-step instructions.
2) The information you disclose is then evaluated and assessed before being entered into the system and forwarded to the college you specified on the form.
3) If you qualify for one (or more) government student loans you will be notified by letter.
You should ensure that you return the award letter and that you’ve signed the ‘Master Promissory Note’ specifying that you have agreed to the terms of the loan and agree to begin repayments on the chosen date.
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