SELECTING THE BEST STUDENT LOAN FOR YOU

August 4, 2006 on 2:17 pm | In Student Loans |
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A large number of students are constrained to fund their own education. However, most cannot fund the expenses out of their own savings and hence resort to monetary assistance. There are a number of options to fund your education, namely scholarships, student loans and financial aid. However, it is not easy to receive a scholarship as the numbers of scholarships are limited as compared to the applicants. Sometimes, the only available solution is to opt for a student loan.

When selecting a student loan for yourself, choose the one that offers the best value for money after all up-front costs, taxes and monthly installments are considered. It goes without saying that you should select a loan that offers the lowest rate of interest. The mode and tenure of payment, along with the collateral involved, should all be predetermined before finalizing the loan.

There are 2 basic types of student loans, namely Federal Education Loans and Alternative or Private Loans. Under the Federal Education Loans, there are 4 sub categories: Federal Stafford Loans for Students, Federal PLUS Loan for Graduate Students, Federal Consolidation Loan and Federal PLUS Loan for Parents of Undergraduate Students. Under the Alternative or Private Loans, there are several categories like Signature Student Loan, Law Loans, Bar Study Loans, Continuing Education Loans, Private Consolidation Loans, MBA Loans, Tuition Answer Loan and Community College Loan.

From all these available options, two of the most popular loan programs are the Federal Perkins and the Subsidized Stafford Loan because under their terms the student loan interest rates are applicable only after the student graduates. The Federal Perkins has a low fixed rate of interest and is only offered to financially needy students. The Subsidized Stafford Loan has an interest rate not exceeding 8.25% and students do not have to pay any interest while at college.

You should gauge the costs of each loan and after a careful evaluation. Pick the one that best suits your individual needs.


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