Basic Types of Student Loans
Financial Aid & Student Loans
The Essence Of Understanding The Basic Types of Student Loans
If you are interested on availing a student loan, it is very important that you first know about the various types by which you can send in your application. Yes, there are a lot of basic types of student loans you may choose from that is why you must require yourself to take some time to know about each one of them and therefore, obtain the best type of student loan for you.
Various Types Of Student Loans
There are two main types of a student loan; the federal and the private loans, of which the federal has three other types; the Subsidized Federal Stafford loans, the Unsubsidized Stafford Loan and the Additional Unsubsidized Stafford Loans.
Federal Stafford Loans – These are the loans that are awarded depending on a student’s financial need and are administered by the government. Application for such loans may be obtained by simply going to your local banks, through a credit union, or perhaps by getting it straight from the federal government. Find below the three other types of Federal Stafford Loans you may choose from:
1. Subsidized Federal Stafford Loan – a need-based and long-standing loan with very low interest rates. The government will be the one to pay for the loan’s interests while the student studies.
2. Unsubsidized Stafford Loan – a continuing, non-need-based loan that also has low interest rates. Such type is best for those students who are not eligible for other types of financial grants or scholarships but need the money so much to be able to pursue their studies. It is the borrowing student that pays for the interest rates, although there may be times that payments are postponed for some reasons.
3. Additional Unsubsidized Stafford Loan – a loan reserved for students who borrow as independent students and subject to Federal guidelines.
Federal Plus Loans – Such loans have truly low-interest rates and are offered to parents who have children as undergraduate students. These loans are granted depending on the credit history of the students as well as their attendance. Repayment normally starts within 60-90 days after having fully paid the loan, or as soon as the student has graduated.
Federal Perkins Loans – These loans, on the other hand, are granted to those students who have tremendous financial needs; thus, the very low rates of interest given. However, there is an inadequacy on the total funds available and so, the amounts of loans available for the students can be really low.
Lastly, the private loans, which vary since they are based on the students’ credit score can be very challenging especially since majority of the college students do not keep a credit history. Signature Student Loans are one of the more commonly availed from the basic types of student loans giving out competitive interest rates based on students’ credit history. Most students avail of such loan with the objective of covering the cost of their schooling especially that they are not covered by the federal government’s loans or grants.
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