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There are many different options available for student loans these days making it a real buyer’s market for the student. The even better news is that there is some fierce competition among financial loan companies which means even bigger savings for the student.
The hardest thing you’ll have to do is choose between the best companies and figure out what options each one has that will best suit your circumstances.
Below we will look at the options that will be available to you as a student.
Option
Before you start looking at what’s available, it’s a good idea to have a pen and paper in hand and take some notes. It’s also an idea to create a spreadsheet and list the pros and cons of each company’s loan details.
federal
It is always a wise choice to choose government loans over all others as they usually offer the lowest interest rate and longest tenure, thus making the loan available to almost everyone who applies for it.
You can get it even if you have a poor or nonexistent credit rating. This type of loan is ideal if you have no income.
These types of loans have historically been easier to take out should your personal (financial) situations worsen.
Personal
These are loans with higher interest rates but you can be a bit more flexible with what they can offer you. Most of these loans usually require you to meet certain financial criteria in order to be accepted and may also require you to have a cosigner.
These have the same credit and income requirements as any other personal loan, which means you’ll need a co-signer if you’re a young college student. If your financial position is well established, this probably won’t be a problem for you.
There are also several other options for you to consider, these are:
Plus Loan
Stafford Loans
Sallie Mae Student Loans
ยท Many more private companies to choose from
That is why it is important for you to make a comprehensive list of all the companies and loans that you think are worthy enough to consider and list down all their pros and cons. This way you will be able to make your choice of student loans very well informed.
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