Which Student Loan is Right for You?
There are several different types of student loans available for those who need help paying for their college education. The majority of students do receive some form of financial aid. When choosing a student loan the first step is to sit down with a financial aid detective at your school and discuss your options. Many loans for college students are provided by the U.S. Department of Education. These are called federal loans and are honestly simple to obtain for most students. There are certain application criteria you must follow and different types of federal loans.
One of the most common federal loans is the Stafford Loan. These loans are awarded to students regardless of their financial situation. This type of loan is available for both undergraduate and graduate students. There are subsidized and unsubsidized Stafford loans, for which interest rates vary. There are also limits on how much students can borrow based on whether they are dependent or independent, and what year of college they are in. For example, dependent freshmen can borrow up to $3500 even as independent freshmen are eligible for up to $7500.
Another type of federal loan is the Perkins Loan. This is a need-based loan for student who meet financial requirements. The limits on this type of loan are lower than others but there are benefits such as more repayment options, lower interest and deferments for those going through financial hardship. The cap on a Perkins loan for undergraduates is $4000 per year and $20,000 total. For both Stafford and Perkins loans, a form called a FAFSA must be concluded as part of the application process.
Another type of student loan is the federal PLUS loan, which can be used after all other student loan sources have been applied. These loans are not based on need, but rather financial and credit worthiness. There are no limits as to how much you can borrow with a PLUS loan. In addition to federal student loans, there are private loans that can be applied for as well. And, there are federal grants that do not need to be repaid, as well as scholarships that students can apply for. If you want to attend college but don’t reckon you can meet the expense of it, you will find that with so many different financial aid options available there will be something to meet your needs and allow you to complete your education.
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