Looking at Different Student Loan Programs
The cost of attending college can be great. Not everyone will receive enough scholarships or grants to cover the total cost of their education. This is where student loans come in. Trying to find the right student loan for your situation can be stressful. There is a lot of different terminology used – not to mention all the different interest rates and payback numbers. So, let’s take a look at a couple of student loan programs.
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.
Undergraduates will also find many private student loans from Sallie Mae, including the Sallie Mae Smart Option Student Loan. This loan is for students that still need money after using all scholarships and grants and allows students to borrow up to the full cost of education.
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.
The United States Governments can also help out a student in need of money for their college tuition. They provide another option apart from Sallie Mae, but it could be more difficult to get enough funds to cover a students entire education costs. These other two options are PLUS loans ans 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 also require that a FAFSA be filled out. They can be granted to undergraduates, graduate students, and even parents, with varying interest rates. Undergraduates can expect to pay the lowest rates with a PLUS loan. Both of these loans provide a great way to pay for college and offer great rates to give you affordable monthly payments.
The process of picking a college and continuing education into college is difficult enough. Worrying about getting the money to pay for a student’s tuition should not stop them from getting a college education. The options above offer the student a bit more piece of mind while they are in school because not everyone can get a full-ride scholarship.