Alternative Student Loan Guide
Alternative Student Loan is a non-Federal Loans, It's a private loan which special designed for provide supplemental funding to cover unmet need.
It can used for education related expenses such purchase books, transportation, tuition fees and even living. This loan is eligible for U.S. citizen or permanent residence only who entered for at least part-time in a 4 to 5 year degree program. The interest rate is low, and it's combination of the Prime or LIBOR rate (the Index rate) plus or minus a margin.
Benefits of this loan
1) 0.25% interest rate reduction from a bank account (automatic debit)
2) Based on school certification, you may borrow up to Cost of Attendance
3) No interest and principal payment after graduation for 6 months
Tips on dealing with this loan
1) Just borrow amount you need, don't borrow much from this loan. Although the rate is low, but it's still higher than a government / federal loans. At the end you will paying more to them.
2) Seek for several lenders and choose the lender given you the best interest rate, don't rush on it. Nobody would like to bear a big debt after graduation.
3) Make a good deal, look for a lender who can give discount on the interest rate. Cause you are repaying consistently in years, they are now compete for the business, let them work on it.
4) Read and understand all the details in the agreement, make sure you are satisfied with all terms and details stated prior to accept and sign on it.
Beside the loan mentioned above, there are still many sources of getting fund for your education. Spend some times to search online, you will find many alternative ways of getting $$.
For more Student Loans information, kindly check out
Student Loans instead of Alternative Student Loan
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