Melvin Le a former full scholarship College Football Player. Now a 6th grade elementary teacher.
This article discusses everything you should know before applying for student loans. If you do not plan on employing a student loan counselor, then you must read this article!
Student Loans Types
Private loans & Federal loans.
Federal loans can be deferred. Private loans have different repayment terms.
A federal perkins loan is a long term student loan with low interest. The college or university collects the payments.
A Federal Family education loan or a stafford loan consist of subsidized or unsubsidized terms. With a Subsidized Stafford Loan the government covers the interest on your loan as long as you are enrolled in school and taking 6 or more credits. You can qualify by meeting the criteria for financial need. On the contrary with an Unsubsidized Stafford Loan the student must pay the interest on the loan while they are enrolled in school.
Another type of loan is parent loans for undergraduates. No credit check is made for federal student loans. But a credit check is required for parent loans.
College Loan Repayment Options
You can increase the college loan repayment time on your college loans to lower your monthly payments. You can default your student loan payments. To default your loan it means: You can deffer your college loans which means:
Student Loan Grace Periods
There are different options during the student loan grace period. The student loan grace period lasts for the first 3 months after you graduate college. This is the time to take advantage of your student loan repayment options. Find more information about student loan grace periods by referring to the resource box.
Student Loan Consolidation
Well the truth is consolidation is not the answer for everyone who has a student loan. Federal loans should consolidated separately from private loans. It may be more beneficial in some cases not to consolidate your loan. Student loan counselors get paid the big bucks to help you figure out this information. However this article is designed to help you develop a better understanding of everything about getting a student loan. Find more information at: How to Get a Student Loan
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