The Best College Loans For Students

Federal Student Loans (FSL)

If you’re looking for a federal student loan, then you should probably know what they are first. A FSL will allow you to borrow money to pay for your college education and could have some really great features. However, a FSL does have a few caveats. First off, you have to meet certain requirements before you apply. You’ll need to make sure you’ve never been bankrupt, and you’ll also have to prove that you won’t have trouble repaying the loan if you choose to take out one. If you do qualify, then you’ll have access to some great loans and payment options.

Direct Subsidized Loan

Direct subsidized loans are a type of federal student loan that don’t require repayment until after you graduate and enter employment. Your interest rates may vary depending on income level. If you maintain a B average while enrolled at school, then you’ll end up paying lower rates than someone who gets poor grades or doesn’t attend class.

Direct Unsubsidized Loan

A direct unsubsidized loan is a good option for students who aren’t eligible for government aid. These types of loans work similarly to the government-backed kind. You’ll have access to competitive interest rates while still paying back a portion of the loan yourself. However, if you decide to stop making payments, you’ll likely face severe consequences.

Parent PLUS Loan

If you want to receive financial help for undergraduate tuition costs, a parent PLUS loan might be just what you need. In order to qualify for one of these loans, your parents will need to co-sign your application. You’ll have to repay them back along with the federal government over time, though your parents may be able to discharge this obligation early if they pass away.

Private Student Loans

If you want to obtain private student financing, you’re going to have to be ready to put down a substantial amount of cash upfront. Most lenders will require anywhere between 5% and 10% of the total cost of your schooling. You’ll then have access to different repayment terms, including fixed and variable rate plans. Before you move forward with a plan, you’ll also want to consider how much money you want to borrow, how long you intend to stay in school, and any additional expenses that may arise.

VA Loans

VA loans go hand-in-hand with the U.S. Department of Veterans Affairs, and they’re available to active military members and veterans who were honorably discharged. While they cover a lot of ground, VA loans tend to be pretty flexible; however, they often carry higher interest rates than other federal student loans.

Other Options

There are numerous other options for obtaining federal student loans, but you may find that something else works best for you. Whether you prefer a Perkins Loan or a Stafford Loan or anything in between, you can get started today by speaking with a lender.

The Best College Loans For Students

Federal Stafford Loan – A loan with low interest rates and flexible payments that can be used for both undergraduate and graduate school education.

Direct Subsidized Student Loan- Available only to students who meet certain income requirements. There is no fixed interest rate and monthly payments are based on student’s financial need.

Perkins Loan – Similar to a direct subsidized loan, however there are more restrictions regarding use, including higher repayment amounts.

PLUS (Parental Loan For Undergraduate Students)- Offered at variable interest rates and requires repayment for any unused funds after graduation. Eligible parents may borrow up to the cost of attendance minus other financial aid received.

Private Student Loans – Must originate from private lenders and offer higher interest rates than federal loans. There are many different types of private loans out there and it is best to talk to a lender about what type of loan would work best for you.

William D Ford Federal Direct Loan – Repayment schedule is graduated according to the number of years attended.

Graduated Repayment Plan (GRADUATED PLANS) – Allows borrowers to spread their debt over a period of time instead of paying back the full amount all at once. GRADUATED PLANS must be paid off within 10 years if they are consolidated or 15 years if they are not consolidated.

Income Based Repayment – Repayments start when borrower earns a specified amount of money.

Income Contingent Repayment (ICR) – Repayment starts when borrower reaches 25% of his or her discretionary income. ICR plans allow borrowers to make smaller monthly payments until their loans are fully repaid.

Pay As You Earn (PAYE) – Repayments based on percentage of income earned while enrolled in college. Can be combined with lower interest rates on some loans.

Public Service Loan Forgiveness Program – This program forgives qualifying loans if you work for a public service employer for ten years and make 120 qualifying payments.

Total Cost Estimate (TCE) – Used to estimate total costs associated with student borrowing; includes college tuition, fees, room and board, books, supplies, transportation, childcare, and taxes.

Income Share Agreement – Borrower agrees to pay his/her share of loan repayments according to his/her income level. ISA helps prevent default on federal and private student loans.

Self Employment Income Stream – Allows student to earn additional income and potentially reduce total debt owed.

The Best College Loans For Students

Sallie Mae Loan

Sallie Mae loans are great for students who need access to money immediately for school costs, like tuition, books, housing, and food. These loans have lower interest rates than some others, making them affordable for students with low incomes. There are many different types of Sallie Mae loan options for students seeking financial assistance.

SoFi Student Loans

SoFi student loans offer flexible repayment terms and attractive interest rates, making them ideal for students looking for help financing their education. The application process takes only minutes and they are able to give out cash right away after approval, eliminating unnecessary waiting time.

Great Lakes Education Loan Program (CLEP)

Great Lakes Education Loan Program loans are designed specifically for students planning to attend college. If you’re not eligible for any other type of federal loan, these might be a good option for you. After completing the application process, you’ll receive a decision within two weeks. You may then choose between direct payment plans or variable-rate repayment plans.

National Direct Student Loan

National Direct Student Loan offers competitive fixed interest rates and flexible repayment plans to qualified borrowers. The company uses the same credit score requirements as Fannie Mae and Freddie Mac. Interest rates range from 2.45% to 6.31%, depending on your income level and term length.

Federal Parent PLUS Loan

With this federal program, parents can borrow up to $23,000 per year. To qualify, you need to be enrolled at least half-time, maintain a 2.75 GPA, and demonstrate financial need. Parents can use these funds for tuition, fees, room and board, and related expenses while their child attends school. Repayment begins six months after graduation or withdrawal from school – whichever comes first.

Stafford Loan Program

Stafford loans are offered to undergraduate students at public and private nonprofit schools. Borrowers must meet certain eligibility criteria, including having a minimum cumulative grade point average of 2.5 on a 4.0 scale, being enrolled at least half-way, and providing proof of financial need. The amount you can borrow varies according to factors such as number of credits taken and how long you plan to study. Annual payments begin a month after graduation, or if you drop below half-time enrollment, whichever occurs first.

Private Student Loans

Private student loans are typically harder to get than federal loans, but they can offer you greater flexibility if you accept higher interest rates. Generally, private lenders require slightly tougher credit scores to approve applicants. However, the application process typically doesn’t take much longer than regular federal student loan applications do. The amount you can earn each year is determined based on your personal circumstances and how much you plan to borrow.

The Best College Loans For Students

Federal Direct Student Loan (FDL)

The federal direct student loan program was created to help students pay for their tuition costs. These loans are given directly to students at the time they apply for financial aid. In order to qualify for these types of loans, students need to meet certain requirements. They should have a low credit score and/or poor credit history to avoid defaulting on their payments. A lot of people don’t know that these loans can be discharged through bankruptcy. If you do not repay your debt within 10 years, the loan could potentially be forgiven.

Federal Stafford Student Loan (FSLS)

These loans were established to help fund higher education costs. Just like the name implies, the government provides these funds directly to students. To get this type of loan, students need excellent grades and a high test score. If you miss two consecutive payments, you risk having your parental support drop off. There are many different repayment options after graduation. You can choose between a fixed monthly payment, an income based plan, or a combination of both. Because these loans are provided by the federal government, they offer some of the best terms around. Unlike private lenders, the interest rates never change.

Private Education Loans

Private student loans are becoming increasingly popular among students who want to finance their college education. Usually, they require less documentation than federal loans. If you fail to make any payments on your private student loan, the lender can garnish your wages or place a lien against your property.

Parental PLUS Loans

This type of loan requires you to receive a co-signer who guarantees the full amount of money borrowed. Your parent’s credit score does not matter, as long as yours matches theirs. Also, if your parents stop paying their share, you become responsible for repaying them immediately. You cannot defer your payments either. Depending on how much money your parents co-sign, you may only have to make minimum monthly payments. If you would rather use your own funds, you can still opt to take out private student loans without a co-signer.

The Best College Loans For Students

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