The cost of attending college can be great. Not everyone will receive enough scholarships or grants to cover the total cost of their education. This is where student loans come in. Trying to find the right student loan for your situation can be stressful. There is a lot of different terminology used - not to mention all the different interest rates and payback numbers. So, let’s take a look at a couple of student loan programs.
Sallie Mae is the number one student loan lender in the United States. Sallie Mae handles two types federal loans as well as private loans. If you’re in a continuing education program or are beginning an education program you can get a career training loan or a continuing education loan from the company with a minimum of $1,000.
Federal loans that are received from Sallie Mae can usually be used for living expenses as well as paying for college tuition. Living expenses for college usually includes things like a place to live (rent), a computer for school use, and even food. These federal loans offer a lower interest rate than private loans and usually have limited fees.
If you are just starting college or are still an undergraduate, Sallie Mae also offers up on option for Private student loans. Sometimes a student can’t get enough money to cover all of their tuition through federal loans. This leaves Private loans as the next option. Private student loans from Sallie Mae can also be used for all types of living/college costs and fees. Unfortunately, private student loans have higher interest rates which will make monthly payments higher when a student starts to pay them back.
If you plan on studying abroad at some point in your college career Sallie Mae provides International student loans as well. They basically work the same way as other loans but are geared specifically towards students studying internationally. This type of student loan sometimes gives the student different options for setting up a repayment plan then normal student loans.
There are also a couple of student loans available from the United States government. These are Stafford loans and PLUS loans.
If a student needs money for tuition and a Stafford loan is available the student should take because they are usually the best case scenario repayment wise. With fixed interests rates reaching a low 6% and the fact that these student loans can be used for any type of college expense Stafford loans are a popular choice when available. A student will need to fill out a FAFSA in order to be able to receive a Stafford loan.
PLUS Loans also require that a FAFSA be filled out. They can be granted to undergraduates, graduate students, and even parents, with varying interest rates. Undergraduates can expect to pay the lowest rates with a PLUS loan. Both of these loans provide a great way to pay for college and offer great rates to give you affordable monthly payments.
These are a few student loan programs that are available to students. Finding a student loan can seem like a daunting task especially when looking at all the costs and numbers, but not everyone can get their education cost completely covered by scholarships and grants. Student loan programs help you pay for a student’s education costs so they can focus on learning and not on paying.
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Tags: college tuition, education costs, Finance, financial aid, Loan, money for college, plus loan, sallie mae, stafford loan, student loan programs, student loans