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Student loans information

As a student , you may find it hard at times to keep up with the financial demands attached with your years in the school or college. It gets even worse if you don't have a job in hand and depend solely on the resources of your parents and family. With the ever growing educational expenses in addition to those for hostel/ other accommodation, medical needs, insurance costs etc, it really can put a lot of pressure on you which may end up affecting your study as well. In such a situation, it is worthwhile to consider taking a student loan which suits your personal needs the best so that there will not be a shortage of funds during your course of study, and which you feel confident enough to be able to repay in time. There are options aplenty to look into in both in the private sector as well as the public sector. We'll go through each of them briefly in the following paragraphs.


Private student loans


There are a number of private institutions that offer student loans under different schemes. There are a few things worth considering while you choose from the lot available.


1. Avoid those companies whose offers are too attractive to be believed.


2. Check the reputation and experience of the company before selecting them. It is always better to choose a reputed company's loan even with a few minor disadvantages rather than taking the risk of going for a loan from a company that is new in the business.


3. Make sure you will be able to pay back the loan in time as certain private lenders charge high interests for the amount pending even after the loan period is due.


4. Go through the details of the loanscheme that you are interested in purchasing thoroughly and make sure it suits you best and cover all your needs during your period of study.


Government sponsored student loans


The student loan programs sponsored by the federal government are designed to suit people with varying needs and interests. One of the main advantages with these loans is obviously the fact that it has the backing of the federal government which ensures the borrower of the credibility of the program. Some of the federal student loan programs are as follows.


Federal Stafford loans : Stafford loans offer a cheaper loan option that covers your educational needs whether you are a college, university or a trade school student.


To be eligible for this loan, you should be a US citizen/ resident. You should be at least a half time student and shouldn't have any previous federal loan or part of it pending to be repaid.


Federal Grad PLUS loans : Grad PLUS loans are designed to suit the graduate student s. This covers for whatever expenses are there after your annual Stafford loan amount expires. A 3% worth origination fee will be deducted from the total loan amount and there are no initial payment needed before the sanctioning of the loan.


Federal Parent PLUS loans : Parent PLUS loans aim to help out those parents who are on the look out for a suitable plan that they can afford and which will take care of their child's educational needs. The eligibility to get this loan is not based on the financial status/ income of the parents.


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