| |
Here are some hints regarding
student loans with low interest rates
Parent Loans or Student Loans what is going to be best for my child?
Parent Loans or Student Loans what is going to be best for my child?
At least 20% of college students need some type of loan to help pay for their college education. Such a statistic can lead to students graduating with an unmanageable debt load. An alternative is for parents to help out by taking out loans themselves. But which is the better option student loans or parent loans? Each has distinct advantages and uses.
Federal student loans
Federal student loans have the lowest interest rates and best repayment options. If you need to take out loans and you qualify for federal loans, this is your best choice. Just be sure to accept only the funds you need, even if you are offered much more. Parents can always help their children pay off these loans once repayment begins after graduation.
Federal parent loans
PLUS Loans (Parent Loan for Undergraduate Students) are another loan option that comes with low interest rates. If you are a parent with dependent students attending college at least part-time and you have a good credit history, you are eligible to receive a PLUS Loan. These loans are not needs-based. You can borrow up to the total cost of undergraduate education expenses, minus other financial aid already received. Unlike federal student loans, payment is not deferred until after graduation; instead, your first loan payment will be due about 60 days after the loan is disbursed. Also unlike federal student loans, PLUS Loans require an application fee.
Private loans
Both students and parents can take out private loans to cover funding gaps. Terms are basically the same for these loans, although students may be able to have their repayment deferred until after graduation. Another consideration is that students may wish to take out small loans to begin to establish a credit history. You may need to cosign for private student loans.
Other options
Parents do have some additional options for college funding, such as home equity loans. These often have rates as good as private loans.
So which type of loan should I get?
This really comes down to a personal decision. Ask yourself these questions as you are trying to decide:
-What level of debt do you feel is manageable for your child to graduate with?
-How important is it to you that your child takes responsibility for paying student loans?
-Will you and your child work out a repayment plan to repay PLUS Loans and other parent loans?
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Parent Loans or Student Loans at http://www.NextStudent.com .
About the Author
My goal is to help every student succeed - education is one of hte most important things a person can have, so I have made it my personal mission to help every student pay for their education. Aside from that, I am just a pretty average girl from SD.
More Useful Resource and Updates on student loans with low interest rates
- Public, non-profit student loan provider to get proper funding (News Democrat & Leader)
Governor Steve Beshear announced Friday that the state has finalized the deal to provide the state's only public nonprofit student loan provider $50 million with which to make student loans during the 2008-2009 school year.
- Lawmakers to students: Be aware of loan fraud (Poughkeepsie Journal)
College students are their own best protection when it comes to being taken advantage of by college loan bureaucracies, Attorney General Andrew Cuomo said.
- Student loan money drying up? (WXOW 19 La Crosse)
Its the first day of school for students at UW La Crosse. For some its just the beginning of student loans and college debt. Tuition has went up across the nation and as school is becoming more expensive
- Officials talk about National Student Bill of Rights (Capital News 9)
Attorney General Andrew Cuomo and other officials visited Bethlehem Central High School to spread the word about a new national law that gives students more protection from college loan fraud.
- Scarcity of student loans fuels concerns (Portland Tribune)
It was daunting enough that Lyssa Story faced $45,000 in college debt after enrolling at the Western Culinary Institute in January. Then this summer, three lenders rejected her loan requests for some of that money, after her credit rating slipped due to unexpected medical bills. ?It almost ...
- Tacoman turns student loan struggle into campaign against industry (Tacoma News Tribune)
Most people struggling to pay off their student loans keep quiet about it. They don?t want to acknowledge that, perhaps in a fit of naive, youthful optimism, they borrowed more than they could handle.
- Three Tips for Finding the Most Affordable Student Loan (US News & World Report)
Making the smart pick upfront will save you money later.
- Sushi Love at I Love Sushi (The Kaleo Voice)
Sushi: a word that strikes fear into the wallets of many college students. Nightmares of $100 dates and sake-induced spending sprees force many economically limited diners away from this delectable delicacy. With discipline, however, sushi can be enjoyed without applying for a second student loan.
- 8 Things To Know About Student Loans Now (News On 6 Tulsa)
Two out of three college students borrow money for tuition and other expenses. If you are one of them -- or a recent graduate trying to pay off a student loan -- here's what you need to know.
- Cuomo takes case to students (Albany Times Union)
Attorney general alerts Bethlehem High kids to dubious college loan practices BETHLEHEM -- State Attorney General Andrew Cuomo met with students Wednesday to discuss efforts on a state and federal level to end deceptive student lending practices. Students starting class this week will benefit from a new federal law that targets conflicts of interest in the college loan industry and strives to ...
- Low Interest Student Loan, Nelnet Consolidation, Consolidation Loan ...
You relied on low-interest rate student loans to complete your education. ... Interest rates as low as the current Prime Lending Rate. ...
- Consolidate Student Loans Now to Ensure Low Interest Rates
If you are a college graduate with student loans, there is one thing that should ... will be the first student-loan interest-rate increase in five years, according ...
- Student Loan Borrowers, Student Loan Consolidator, Low Interest Rates
... rate reductions and helps student loan borrowers, federal student loan ... lock in their multiple variable-interest loans with one low, fixed interest rate. ...
- Student loan rates hit record lows
... never been a better time to borrow money for college, or to consolidate student loans. Super-low interest rates on federal loans are poised to drop even ...
- OCTFCU - Student Loans
This low interest rate loan features deferred payments until after graduation ... 6.80% Interest rates on student loans are determined by the U.S. ...
- Low Interest Rates Encourage Student Load Consolidation
... loan with its own terms and conditions for paying off the loans being ... interest rates to lock in a low fixed interest rate on a consolidation loan. ...
- Archived: OPPORTUNITY FOR LOW INTEREST STUDENT LOAN CONSOLIDATION RATES ...
... and still take advantage of low student loan interest rates currently in effect. ... student loans are combined into a single loan, and the interest rate is ...
|
|
|
