Education Loan
A Higher Education loan differs from a grant or scholarship in that it must be paid back .With the average cost of a four year college degree almost as high as the price of a new car or, possibly half a house in suburbia, scholarships, grants and loans are something that should be looked into. There are a variety of loan types available including:
FEDERAL LOANS come in two varieties. Need-based loans like the Stafford Loan, have affordable interest rates, deductions, and discounts. Non need-based like the Federal Plus Loan are loans for parents with undergrad student children, with borrowing allowances up to 100% of total college costs including discounts, and tax-deductible features. These are probably the most affordable education loans. Find more information about Stafford loans and Federal Plus Loans.
PRIVATE LOANS can benefit students going to private colleges or k12 schools. And with deferred interest while students are still in school, budget friendly re-payment options, and streamlined application processes, private education loans make for a viable alternative
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TEEN ESTEEM LOANS – were started by the Teen Esteem Foundation to help reduce teenage drug use, pregnancy, and suicide, these loans are offered by primary loan institutions who also emphasize involved, concerned support of families and who offer a practical financial aid process.
CONSOLIDATION LOANS – are used after the completion of college to lower payments by combining or consolidating different loans using one loan institution. Some loan consolidators enable the borrower to refinance the loans at the more affordable rate.
It’s vital to research as much as you can and ask as many questions as needed before signing on the dotted line. And while filling out forms (of which, there are many), start filling out scholarship apps., too!