At times it becomes difficult to finance education from your own pocket or via scholarships. For that purpose you must go for student loans. There could be many choices of getting a student loan, depending upon your status and type of education. So, you should check all options available and to choose the best one.
Student loans are of three main types:
o Federal student loans
o Private student loans
o Consolidation student loans
Federal loans are the main source for educational loans. Private financial institutes provide these loans. They are better than private loans, due to their assurance from government and their lowest interest rate.
Credit scores are not accountable for this so almost all students can apply for them before going for any other loan. You can make delay payments, flexible credit requirements and they have longer refund terms. Federal loan is further divided in three major types. i.e.
o Federal Stafford loans
o Federal Perkins loans
o Federal Parent PLUS loans
o Federal Graduate PLUS loans
In further categorization of Federal loans Perkins are better than Stafford due to their lowest interest rate (i.e. 5% interest rate). Federal Perkins loans are only for those who are facing acute financial crises. They have no fee, a lengthy grace period.
On the other hand Federal Stafford loans are more suitable if you need college loan. It has six month grace period and flexible repayments with no fine. You should be declared poor from your school.
Stafford loan can be taken 개인회생대출상품 in case you already owe an educational fund. Its interest rate is 6.8%.There is classification of Stafford loan, i.e. if you need a long term and need based loan, and you want government to pay your interest during the school time or you want to request a grace period. In such a case Stafford loan will be term as subsidized federal Stafford loan.
In another case if you need long term and you don’t fall under need based, with low interest rate, or you want additional financial support, then unsubsidized federal Stafford loan is best for you. Here interest will be paid by you. And if you are independent student then you should go for Additional unsubsidized federal Stafford loan.
There is another kind of federal loan termed as federal parent plus loans, they are better for the parents of undergraduate students, who depend on their parents and parents of independent students can’t apply. For this kind of loans it necessary to check credits, they have flexible repayment options and can be used for saving money during repayments of another loan. Prepayment fine is not charged, no wages or security required, repayments can be postpone till 60 months along with the school time period of your dependent child.
For graduates and professional students Federal Graduate plus loans is a best selection and these loans are better than Stafford loans and Private loans for them. You can borrow complete cost of education, but credits are checked, they offer flexible repayments, no prepayment fine is charged, interest could be tax deductible. They could also be helpful to save money for repayments and could be taken with Stafford loans. You can borrow full educational expenses, until you receive some other aid. Fee is charged but you could get help from lenders and sponsors.
If you are attending a community college or a 4 – 5 year college and you are heading for your degree with adequate credits, then you can go for Signature Student Loan. In this type of loan interest rate and fee is variable depending upon the student credits, standard repayment duration is 15 years but can be extended up to 30years.
Now if you have good credits and you are a parent or working adult, graduate or even undergraduate and you own a social security numbers then you are suitable for Tuition Student Loan. You should give the poof that you are already registered as student at licensed institute.