A Look at Student Loan Programs
Most students will not be able to get their entire college tuition paid for using only grants and scholarships. That does not mean the high costs of college tuition has to keep a student from getting his or her education. There are different types of student loan programs that can help fund a student through their college years. The following are a few options that students have when picking a student loan program.
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 Federal student loans that Sallie Mae offers to students can be used to take care of costs that come with going to college. This may include, but is not necessarily limited to, paying for books, room and board, meals, and of course tuition fees. Federal loans are more likely to have lower interests rates than any type of Private loan. For this reason any type of Federal loan should be the first type of student loan that a student applies for.
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.
If you plan on studying abroad at some point in your college career Sallie Mae provides International student loans as well. They basically work the same way as other loans but are geared specifically towards students studying internationally. This type of student loan sometimes gives the student different options for setting up a repayment plan then normal student loans.
There are also a couple of student loans available from the United States government. These are Stafford loans and PLUS 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.
The other option offered by the United States government is a PLUS loan. Once again a student is required to fill out a FAFSA, which is a common procedure when attending college any, in order to have a chance at getting a PLUS loan. These student loan programs are offered at different interest rates to undergrads and graduate students or parents. The PLUS loan usually has the most minimal interest rate available which makes paying them back easier for the student.
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.
