Student loans are in much demand these days as the cost of education is exceeding its limit day by day which is far beyond the student’s affordability. So, considering the growing cost of education, various types of student loans are available in the market that you can choose as per your suitability and requirement and can easily carry on your studies without any financial problem. Here are different types of loans specifically available for students:
Stafford loans: It is approved on the basis of financial need of users and is given after the students as well as parents fill up the FAFSA (Free application for Federal Student Aid). This loan type is further categorized into subsidized in which federal govt. pays the loan’s interest till the student is in school but eligibility is required regarding family, income etc and other is unsubsidized where the student is totally responsible for loan’s interest payment.
Federal Perkins loans: Provided to students who are in excessive need of money but he/she should be permanent resident of U.S and must be at least half time student
Federal Parent Plus loan: This loan type is offered to the parents of dependent undergraduate students. It covers up all your educational expenses along with tuition fees, books, transportation cost as well as living expenses.
Federal Graduate Plus loan: Provided to students pursuing graduation to cover up the cost of their education or any other expenses. The loan repayment starts after 60 days of final disbursement.
Career Training Loan: It is credit based student loan that is specifically for students admitted under trade schools or related other training education courses but the student must be attending school accredited by state Dept. of Education.
Non credit based student loans: Especially available for students without any requirement of credit history and is provided even at bad credit ratings
Among the different types of student loans, choose the one that suits your requirements and financial needs.
