School Loan Advice
School loan is a financial endowment given by a financial institution or federal government to helping student to access higher education, to achieve their goals. Education is an important part of life, you can expend your career opportunities by completed the high level of education.
Loans for education available in many forms, different lenders will had different requirements. There are 2 main types of student loan - federal student loans and private student loans. Below listed is some loan program / types from these 2 institution.
1) Federal Stafford Loan - The loans are awarded based on student's financial need. The loans are regulated by the federal government. It can be obtained from a bank, credit union, or directly from the government. The 3 kind of Stafford loans are subsidized, unsubsidized and additional unsubsidized.
2) Federal Perkins Loans - They are awarded to students based on critical financial need, and the interest rates is very low. Total funds available to be disbursed for these loans is limited, The interest doesn't start to accrue until 9 months after a student drops below half-time enrollment or graduates. One important thing you should know about these loans is the they are reported to a credit bureau, which means that if you are late or default on your loan, it could damage your credit rating.
3) Private Loans - For graduate, undergraduate, professional students. Generally the interest rate of the loans are higher than federal loans.
4) Loan Consolidation program - both federal & private also provide loan consolidation program.
For more information, please check out Student Loans Guide instead of School Loan
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