College Student Loan
Learn more about College Student Loan at this page.
There are numbers of source student may get fund for studying, grants, scholarships and student loan. The grants and scholarships is free, while the student loan need to be repay. The principal amount plus interest of the loan.
Typically, students take more than 10 years to repay the student loans. It might be the most expensive investment in your life, although not all students apply for the loan, according to National Post secondary Student Aid Study (NPSAS), 65% of four-year undergraduate students take out student loans to help them pay for college.
Types of Student Loans
1) Federal Student Loan - the FFELP (Federal Family Education Loan Program) is designed for American students and families with additional financial aid, included Perkins Loan, Stafford Loan, Federal Consolidation Loan. Almost all students are eligible for at least one of the loan from Stafford Loan Program
2) Private Student Loan - offered by private banks such Well Fargo or Chase, required borrower have a good credit rating and enable student to extra education cost suck like course materials, transport, textbooks, computer & etc.
3) Bad or Poor Credit Student Loan - for student who have bad credit.
4) Student Consolidation Loan - for student who has multiple loans or high repayment loan. This loan avoid graduate student to default the loans.
5) Alternative Loans - included private student loans and other types of loans like, parent loans, Plus loan, graduate student loan. They are for students pursuing post-baccalaureate degrees that require additional financing for their education expenses.
Before taking any student loan, please spend some times to search more info. first. Read and understand their terms and conditions, payment and consequences of payment defaulting. Be prepared and have proper planning for repayment, because you will facing few more debts from home, car & etc. after leaving school.
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