Student loans are usually needed when grants and scholarships don’t cover the cost of attending school. It can be overwhelming trying to find the perfect loan when you’re comparing student loan programs. Often times the terms and rates can be confusing and hard to keep straight. Here’s a quick rundown of the most popular student loan programs and lenders.
Sallie Mae is the number one student loan lender in the United States. Sallie Mae handles two types federal loans as well as private loans. If you’re in a continuing education program or are beginning an education program you can get a career training loan or a continuing education loan from the company with a minimum of $ 1,000.
The loan can cover expenses that are school related like tuition, a computer, and living expenses. Both of these loans are low interest with few fees.
If you are just starting college or are still an undergraduate, Sallie Mae also offers up on option for Private student loans. Sometimes a student can’t get enough money to cover all of their tuition through federal loans. This leaves Private loans as the next option. Private student loans from Sallie Mae can also be used for all types of living/college costs and fees. Unfortunately, private student loans have higher interest rates which will make monthly payments higher when a student starts to pay them back.
Worried about leaving the country to further your education? There is no need with Sallie Mae. They offer international student loan programs as well. So, a student planning on studying overseas (studying abroad) can get a student loan to help cover the costs of their education. With decent rates and minimal fees the international student loan program from Sallie Mae gives you flexible repayment options.
There other options besides Sallie Mae. In the United States the government offers students other student loan options – PLUS loans and Stafford loans.
One of the most cost efficient student loans available for a student comes from the government in a Stafford loan. Stafford Loans offer the student a fixed interest rate that can be as low as 6%. This means the interest rate won’t change as the student pays off their student loan. Like most student loans the Stafford loan can be used on living expenses as well as tuition costs. A student needs to fill out a FAFSA for a change at getting a Stafford loan.
PLUS loans are the second type of student loan that the U.S. Government gives to students. Like most processes for getting money for college a completed FAFSA is required in order to be in consideration for a PLUS loan. PLUS loans are like other loans in that they are given to undergraduate students, but they can also be taken out by graduate students or parents of a student. As with Stafford loans, PLUS loans offer a low interest rate which makes them easier for the student pay off.
Students may be able to find other options when it comes picking a student loan programs, but there are the most popular option for most students. The cost of a college education can get very costly and not everyone has enough money saved up to cover all of their tuition. So, if your college tuition isn’t covered by grants, scholarships, or out-of-pocket money a student loan is sometimes the only way to go.
By eommina from Pixabay