About Student Loans
Student Loans are a form of financial aid designed as a low-interest borrowing solution for students who seek to pursue higher education. Student loans allow students to cover the cost of a degree program and consequently fulfill their career goals with relative financial ease. There are essentially two main types of student loans: those offered by the federal government, which are federal student loans; and those offered by banks and lending institutions, which are private student loans.
Researching How to get Student Loans
If you need to get a student loan, it is essential to explore all your options. Since there are many different types of student loans, it is imperative to know the details of each so that you may know as to which kind of loan best meets your needs. SimpleTuition’s Student Loan Comparison Tool is extremely helpful for sorting and comparing all your options: it allows you to compare loans from major and local lenders side-by-side to cut through all the confusing details, and explains exactly how to get student loans. By doing your research on SimpleTuition, you won’t find yourself thinking, "How to get student loans?" and, even better, you’ll find the loan that best fits your financial profile.
Types of Student Loans
Broadly, Student Loans can be divided into the categories of federal and private student loans. Federal student loans include Stafford loans, Perkins loans and Plus loans, which are considered to be the best first borrowing option for students, as they have comparatively low interest rates versus private loans. However, federal student loans have relatively low borrowing limits, and generally do not cover the complete cost of education. Banks and other financial institutions offer private student loans, which, although they have a high rate of interest compared to federal loans, they can provide you with a great way to manage your academic expenses if the federal loans do not prove to be sufficient.
Wondering how to Get Student Loans? Meet these Eligibility Criteria
The eligibility criteria for Student Loans vary from one loan and lender to another. To receive federal loans, you must be a US citizen and be enrolled at least half-time in a recognized program to get federal student loans. To get private student loans, you need to have a good credit history or a credit-worthy cosigner in addition to having US citizenship or a cosigner who is a citizen. You must also be enrolled at least halftime in a 4 year degree program to apply.
Want to know the best practices for how to get student loans? Search and compare.
Once you have found out all the details of different student loans, you should compare them against each other. Consider the amount that you will borrow, as well as the interest rate and repayment terms; from there, you can decide what loan fits you best. Use our Student Loan Comparison tool above to easily compare the details of many different loans and to apply for the best loan for you.
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