What are different types of student loans?

There are many types of student loans from which you can choose, and it is important to find the one that is right for your particular situation. The two main types of loans are federal loans and private loans. They can be obtained from a bank, credit union cooperative or directly from the government. There are three types of federal loans Stafford:

subsidized federal loan Stafford-this loan is long-term and based on need, with a low interest rate. The term 'subsidized' means that the government will pay interest on the loan while the student is at school or when the student asks for postponement or delay. This type of loan is best for students who are not entitled to other types of financial assistance, or who still needs more money among other forms of financial assistance. Almost all household revenues are qualified and "logging out" means that the interest on the loan is the debtor's responsibility. In some cases, however, payments can be postponed.

federal plus loans - These loans are available to parents whose children attend college as full or half -time university students. They are awarded on the basis of credit history and participation costs. Interest is low for this type of loan, but repayment usually starts within 60-90 days after the full payment of the loan or student graduates.

federal loans perkins - Perkins loans are awarded to students based on extreme financial need and usually have very low interest rates. However, the total resources to be paid for these loans are limited, which means that the amount of the loan is likely to be relatively low. Interest will not increase up to 9 months after the student drops under half -time or graduates. If you are unsure whether you are entitled to a Perkins loan, ask the Advisor for Financial Aid at College. One important thing to note about the following loans: they are reported to the credit office, which means that POKUD is late for payments or fails on your loan, it could damage your credit.

If you do not qualify for federal loans, you can consider looking at private creditors. Banks and credit companies often provide student loans for relatively low interest rates. Each institution is different, so be sure to check the contractual terms of any loan you get, federal or private, and make sure you know the details before signing on a dotted line.