College Tips
Types of College Student LoanThere are a number of different types of college student loan available. Unlike scholarships or grants, a college student loan has to be paid back to the lender and the amount is usually increased with interest added over the term of the loan.A Federal Stafford Loan is the most common type of college student loan. However, these loans can be subsidised or unsubsidised. A subsidised college student loan is one where the interest is paid whilst the student is attending college. In the case of a Stafford Loan this interest is paid by the government. To obtain a subsidised college student loan it is necessary for the student to be assessed to decide whether they will have to pay the interest accrued throughout the duration of their college course. An unsubsidised college student loan has no interest-free period for the student and the interest is added from the time that the loan is paid out until it is repaid. The money for a Stafford college student loan is actually funded by banks, credit unions or other private lending institutions. The amount of money that a student receives with a Stafford college student loan is related to the year they are in at college. The money lent increases each year as the student progresses through the course.  A similar college student loan to the Stafford loan is a Federal Direct Loan. The only difference between them is that the money
is paid directly by the colleges financial aid office for a Federal Direct Loan, rather than through banks or credit unions.
Of course, not every student qualifies for a federal college student loan or they may find that they still require further funding. Either way, there are a number of alternative sources of student loans available. These types of loan are offered by private lenders and the interest rates can vary greatly. It is important to compare the available private loans to ensure that you get the best college student loan possible. This means investigating other types of loan that you may be able to apply for, not just a specialised college student loan. The private lenders will perform a credit check on the student and any co-signer before considering offering a college student loan. Beware of low introductory interest rates that may seem attractive with a student loan but that increases over time. Some of the private college student loan companies also charge a processing fee that significantly reduces the amount of money that the student actually receives.
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