In the present times, when the cost of higher education is showing a steep inclination, requirements for finding out right kind of student loans has become a necessity. Various kinds of federal loans available for students are as follows:
Federal Perkins Loans : This loan is available for both undergraduate and graduate students. Repayment of loan should be started after a specific time period (grace period) after the completion of studies.
Stafford Loans : This low interest federal loan is provided by the schools that are a part of William D. Ford Federal Direct Loan (Direct Loan) Program. Direct Subsidized and direct unsubsidized loans are two different types of Stafford loans with an interest rate of 6.8 percent.
PLUS Loans : Parent Loan for Undergraduate Students or PLUS loans can be taken by the parents, graduate students and professional degree students. Parents of the dependent undergraduate students can apply for this low interest loan program to pay for their child's education.
Private Loans : Students who can't meet their college expenses through federal loans can take private student loans. Interest rates and borrowing limits vary according to the lenders for these alternative loans.
Even students can take multiple loans to meet college expenses. In such a situation instead of multiple payments, students also can combine multiple loans into a single one through Direct Loan Consolidation (DLC).To ease repayment of your loan, the key factor is advance planning and organizing your finance books.
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