Tuition Reference

Posts Tagged ‘Repayment Plans’

With tuition costs rising quickly and caps on federal financial aid rising slowly, an increasing number of college students are turning to private student loans from financial institutions such as banks and student loan companies after maxing out federal aid. Private student loans are different from both typical loans and federal student loansWhat are Private Student Loans?Private student loans are unsecured loans, which means the student does not put up property as collateral. Interest rates are influenced by credit history and can often be reduced by using a co-signer, but vary widely.Private student loans are treated specially in the event of a personal bankruptcy, so students may not incur a total debt (including scholarships, fellowships, and federal loans) greater than the cost of attending school.Private student loans offer a variety of repayment plans and deferral options, some similar to federal loans. Interest rates also vary widely from loan to loan.Drawbacks to Private Student LoansThe interest rate is typically higher than interest rates on federal loans, and repayment plans may not be as advantageous for the student. Also, since most students who turn to private loans already have a considerable amount of student loan debt, the decision to take on more ... [more..]

When you need to find money to be able to go to college, you can find plenty of college student loans available. There are a number of different options and it may even be possible to get more than one of them. Here is a brief look at a number of college student loans waiting for you to apply.Stafford LoansFederal college student loans are low interest loans from the government. Stafford loans are the most popular type. In most cases, Stafford student loans for college have repayment plans that can be deferred until after graduation. Two types of Federal Stafford loans are available - subsidized and unsubsidized Stafford loans.The subsidized Stafford loan is based on your financial need. Most students receiving this Stafford loan (about 66%) are from homes where the Adjusted Gross Income is less than $50,000. For your freshman year, a student who is also a dependent can borrow up to $3,500, and about a thousand dollars a year more in each of the following years. Although it does charge interest while you are in school, the government pays for the interest until you graduate, or are going to school less than half time.The unsubsidized Stafford loan is ... [more..]