Most students are finding college education costly as time passes by. Despite this, they still aim to finish their education in universities or colleges they are attached to. When it comes to fee payments, their parents can cater for that. Some students can however go for loans. There are several types of student loans one can opt for.
There is the federal scholar loan also known as federal Stafford loan. This kind of loan has favorable terms that befit most students. It has fixed and low interest rate. It is further subdivided into two the subsidized Stafford loan and the unsubsidized loan.
A learner is offered the subsidized Stafford loan according to his needs. The accrued interest on the loan will be wavered while the scholar is still schooling. Nevertheless, the unsubsidized loan is not given depending on the needs of the learner. On the other hand, the accruing interest on this kind of loan has to be settled by the learner.
For students who can repay their credit without being helped by their parents, a private loan will suit them. This type of credit comes with variable interest rates. In addition, an undergraduate can get it along with federal loan.
A student who is financially unable to pay his fees should apply for the federal Perkins loan. This loan is meant to help needy scholars. It is resembles the subsidized Stafford loan. The loan's interest rate is approximately 5%. Moreover, its grace period is longer.
There is also the federal plus loan normally given to parents who have undergraduate children attending colleges. The loan is awarded depending on the cost of attendance and the parent's credit history. It also has low interest rat is usually repaid within 2 or 3 months after the learner has graduated. These are therefore types of student loans one can use to complete his or her education.
There is the federal scholar loan also known as federal Stafford loan. This kind of loan has favorable terms that befit most students. It has fixed and low interest rate. It is further subdivided into two the subsidized Stafford loan and the unsubsidized loan.
A learner is offered the subsidized Stafford loan according to his needs. The accrued interest on the loan will be wavered while the scholar is still schooling. Nevertheless, the unsubsidized loan is not given depending on the needs of the learner. On the other hand, the accruing interest on this kind of loan has to be settled by the learner.
For students who can repay their credit without being helped by their parents, a private loan will suit them. This type of credit comes with variable interest rates. In addition, an undergraduate can get it along with federal loan.
A student who is financially unable to pay his fees should apply for the federal Perkins loan. This loan is meant to help needy scholars. It is resembles the subsidized Stafford loan. The loan's interest rate is approximately 5%. Moreover, its grace period is longer.
There is also the federal plus loan normally given to parents who have undergraduate children attending colleges. The loan is awarded depending on the cost of attendance and the parent's credit history. It also has low interest rat is usually repaid within 2 or 3 months after the learner has graduated. These are therefore types of student loans one can use to complete his or her education.
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Need to get through college but finding it tough without any cash? Consider applying for a student loan here or learn more about the types of student loans through this article here.
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