David Scott

Types of Student Loans

Last year, we were struggling with the fact that we had to pay the money of our college students without much money in the bank. Mohela login When we made provision for a student loan, we did not know that there were many different types of student loans. Guidance by 8 different types of student loans.

8 types of student loans:

* Federal Employee Loan (2 Types: No Subsidy / Subsidy)

* Federal Plus Loan (Basic Debt for Students)

* Federal Perkins Loans

* Bank loan

* Government loan

* Other non-subsidized loans (employees)

* Loans from other sources

* College loans for additional loans

We did not realize that you can try to get a federal loan without applying FFSA. After submitting your application to FFSSA, you will have to wait for Student Support Report (SAR). In SAR hands, you can now look for student loans that are tailored to your needs.

The second eye-opening experience For me, interest rates on student loans are highway robbers. As soon as you know, these rates are high, but most lenders are competitive with each other.

1. Federal Employee Loan - Subsidy: (The government pays interest until it is completed). Most loans are available for students and doctoral students. It is really difficult to control interest rates.

This rate refers to subsidized student loans.

* 6.0% for the school year 2008/09

* 5.6% for the school year 2009-10

* 4.5% for the school year 2010-11

* 3.4% for the school year 2011-12

* Return to 6.8% for the 2012-13 school year.

With this example, due to the lack of interest rates, it is best to wait until 2011 to borrow too much. Remember, you have to reapply on FAFSA to receive your student loan on 1st January every year.

Unpaid Federal Employee Loans - Easy to get and students can pay interest if they go to keep the total loan amount after graduation.

*** Student loan secrets ***

Students who work during their studies, they negotiate monthly payments with their lenders and go round the next ten. If you are interested $ 8 per month, then you pay $ 10, which should not be difficult. Every time you pay for the customer, the better.

3. Federal Plus Loan for Parents - Parents allow a pupil to cover all the costs of higher education. It does not depend on "how much money a parent does" and it gives a good tax break, but it can change with the new president.

*** Student loan secrets ***

You can negotiate on your PLUS loan payment. Close or choose payment after 60 days of repayment of loan.

4. Federal Perkins Loan - Students should pay attention to Perkins loan in financial difficulties. The problem with this loan is that they are limited, but you get a competitive credit interest rate.

*** Student loan secrets ***

Federal Perkins Loans are notified to your credit bureau. That's right and you have an excellent credit rating. Delayed payments or late payment leads to problems. be very careful.

5. Bank loan - If you are rejected by the federal government, contact the bank loan. Mohela login These loans are usually slightly higher and each bank has different rules. I will work hard before signing the dotted line. Some banks offer sterped loans, but their policies are strict.

*** Student loan secrets ***

Banks can limit their debt to full-time students, and payment options are limited. However, you can get incentives to pay for your student loan.

6. State Student Loans - You will have to visit your local bank to get the application. Most state students guarantee credit, but banks manage their finances.

*** Student loan secrets ***

These types of student loans are usually more expensive than bonds.

7. Additional non-subsidized staff loans - These types of student loans are prescribed by the federal guidelines and it is reserved for the borrowers coming in "Independent category".

8. Other types of student loans - Take a look at all the options and discuss with your financial advisor at school. Military members, businesses and businesses provide student support. Do not be afraid to ask.

extra bonus

There is a place where you can pay your tuition if you can repay it within one year. The academic management service, which is affiliated with 2,000 universities, provides student support, but is ready for expensive pricing. This funding should be used only in the emergency.

I can not give enough stress to this, please make sure that you submit your application to FaFSA at the beginning of January every year. Once you get your SAR, you can start your business and you can stay in the first line to earn student loans.

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