What Are Your Student Loans Options For College?
Student loans are often the preferred solutions in order to finance a college education. Parents and students could either go for government-funded loans or private education loans. Since the choices are really varied, it is highly important to take the time to review your options for student loans before borrowing. Last July 1, 2010, the U.S. Department of Education has started to implement the Direct Loan Program. With this new program, non-government-owned financial institutions and banks can no longer offer all federal student aids, like the FFELP (Federal Family Education Loan Program). Now, the students have to directly consult their school regarding any federal student loan application.
Despite the changes, federal education loans are still good options to consider. But in some, if not most, situations, these are not enough to cover the whole cost of attending a college or university, including the tuition fee, accommodation, and books, just to mention a few. That’s where private loans become great alternatives. If you’re going to sign-up for a private student loan, it would really work to your advantage if you examine the following program features: service fees, loan limits, Annual Percentage Rate, and repayment terms. You also have to keep in mind that your application approval is based on creditworthiness. You need a cosigner, either a parent or relative that has a verified and good credit history. A Federal student loan mainly consists of the FFEL Program and Direct Loan Program. Both of these are under the direct control of the U.S. Department of Education. Under the Direct Loan Program, you have the Federal Parent PLUS Loans, Federal Graduate PLUS Loans (for graduate and professional students), and Stafford Loans (for undergraduates). The loan limits for the different federal education aids really vary. For Stafford loans, loan limits tend to go higher for students whose parents didn’t qualify for a PLUS loan. A good credit standing is important for PLUS loans. Remember, it’s already necessary to file a FAFSA form for the school year 2011-2012 in order to qualify for this. The repayment plan is another point of consideration. Payments for a Stafford loan usually begin six months after you graduate, drop out, or fail to enroll at least a half-time load. PLUS loan payments will start 60 days after the final disbursement of funds. But in the long run, it would work to your advantage if you choose a loan that offers shorter repayment periods. Federal education loans don’t often offer the benefit of faster approval time. You are required to do a series of processes, which is unfavorable for students who need funds ASAP. In that situation, private college loans prove to be more helpful. Just remember to never go for any student loans without studying and weighing their pros and cons first. |
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