For those wishing to have a college education, most require a student loan to do so.
Getting private loans or other forms of credit could leave you with enormous repayments and high rates of interest to pay back.
Here are some guidelines to which you should adhere when looking for ways to finance your education.
Government subsidized loans – via federal student loan programs – deal with more than $66 billion worth of loans and grants every year.
These are authorized by the U.
Department of Education to enable students and their families pay for further education.
• A Federal Stafford-Loan will be issued in the name of the student and is based on needs of the student.
It doesn’t require a credit check is guaranteed by the government.
The most attractive feature of this loan is that there’s no need to repay it until after you graduate.
• A Federal PLUS loan is issued in the parents name.
It does require a credit check but the selection criteria are not as severe as other consumer loans.
Repayment of the Federal Plus Loan begins once the student has graduated and started employment.
• A Federal Graduate PLUS loan is similar to the Federal PLUS loan, but is issued in the name of the student.
Some of the most reasonably priced student loans are Federal loans, which include ‘Stafford’ loans for the student and ‘PLUS’ loans for the parents.
In fact the interest rates for Federal loans are considerably lower than personal loans, cards, car finance, housing loans or even mortgages.
Private Education Loans, grants, scholarships, work-study loans and Federal loan programs may not suffice or may not cover all your student expenses.
You’ll have to pay for food, clothing, accommodation and tuition.
In this case, Private Loans may also be considered as an alternative.
Private loans are credit based loans and are not guaranteed by Federal government.
Nevertheless, the lending limits are somewhat higher than most Federal student loans but the interest rate may be drastically higher.
Private loans may be utilized for all your expenses - only education but books, housing, computer and daily expenses too.
If you want to apply for a private loan but don’t have a good credit history, you may be asked for a cosignatory who has a good credit history.
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