Monday, August 24, 2009

Get the Best Student Loan For College

Entering college proves to be a tough situation. Aside from thinking about passing entrance exams and interviews, there is the problem about money. Money is the most common concern faced by parents whose child is about to enter college. This is why student loans are provided either by private companies or by the U.S. Government.

A lot of parents and students are taking advantage of this because education is one of the important factors to get hired for a job. There are three widely used student loans which are Federal Stafford Loans, Federal Perkins Loans and lastly Federal PLUS Loans. But there are also other loans that you can choose from if you opt not to use this ones.

The Federal Stafford loans has two kinds which are subsidized and unsubsidized loans. The subsidized loan is granted for those who really need it. You are not required to pay for the interest while you are still in school or in half-time. You are also given six months of grace period after graduation before you are asked to pay back the loan. This gives you an ample time to save money to pay for the loan. On the other hand, unsubsidized loans can be claimed by qualified students regardless of their families income. This is usually chosen when the subsidized loan is limited.

The Federal Perkins loans has a lower interest of 5%. This is granted to undergraduate and graduate studens who are in dire need of financial assistance. There are several criteria that must be met for this loan to be granted to a student. Income or credit checks may be conducted as part of evaluation.

And finally, the Federal PLUS loans are granted to parents who have a child who is about to attend college. The parents can now pay for their child's college expenses in full. Though, the financial standing of the parents are not required, a credit check is still conducted.

With these kinds of programs, anyone is now able to go to college without having to think of the money to pay for college. Students and parents should know this kinds of programs to help them financially for better education.

By Crystal Jennings

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