Getting Student Loans

Almost all prospective students are faced with doubts about college affordability. And indeed it may be a big trouble especially for students who haven’t saved money for college. Student loan is one of the easiest loans to get. All you usually need is a reliable co-signer, and you can get a good sum of money to pay for the college expenses.

Student loans have very flexible payments system. You don’t have to start paying the loan while you are a student and another nice thing about these loans is that they are interest free. There are 2 types of student loans: federal loans and private ones.

There is a wide range of federal loans you can choose from. These loans are usually granted for applicants who experience a financial need. Moreover, there are some requirements for a federal student loan:

• You must show a financial need;

• You must be studying for an eligible degree or programme;

• You must maintain satisfactory academic progress;

• You mustn’t be in default on a federal student loan.

If you are not eligible for a federal loan, you can always try to find a private one. Every private student loan has its own requirements, but as a rule they are not difficult to fulfill. Students qualify for private loans mostly based on their credit score. Be sure you have really exhausted all possible federal loans and scholarships before turning to private loans, whose rates are usually variable, and therefore susceptible to market conditions, as opposed to a fixed rate loan, which you can get from the government.