How To Get A Student Loan

In today's economy, the high cost of living and growing education expenses, a number of students are unable to pay for higher education. In such circumstances, many ask, where can I get a student loan? Student loans are being offered by the federal government as well private banking institutions to help aspiring students pay for education and fulfill their academic goals. Stafford loan, Graduate PLUS loan, and the Perkins loan are among the top need based loans being offered. Loans are the leading financial aid programs that have made higher education a reality despite inflation and ever growing tuition costs.

Q:I am getting a student loan. Is it advisable to apply for private student loans?

A:Private student loans come with advantages like short processing time and more flexibility. However you should keep in mind that they are hard to get approved. Private lending agencies take into consideration your credit history. If you do not have a good credit history, it might be difficult to obtain a loan. You may also have to enlist a cosigner. Interest rates on these loans also tend to be higher than the rates of federal student loans.

Q:Where can I get a student loan that does not come with high monthly repayments?

A:High monthly repayments are generally associated with private student loans as these charge market interest rates that tend to be higher than interest rates on federal loans. You can fill out the Free Application for Federal Student Aid form and file it as soon as possible after the 1st of January. You can also explore aid option available at your college or university.

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