Financing an Education
Written by Online Degrees Directory
Every student knows that college is expensive. But the evidence shows that the investment you make in your education is one of the best around as you can expect to more than make up for your college expenses in the form of higher income once you earn your degree. The good news is that there are many options available to help finance a college education. In fact, the vast majority of college students use a combination of student loans and financial aid to help pay their way through school.
One of the most common ways to finance an education is through a student loan. The two most prevalent types of student loans are federal student loans and private students loans. We will explore both options in more depth below.
Federal College Loans
As the name suggests, Federal College Loans are administered by the federal government through the US Department of Education. Federal aid programs provide $33 billion a year to students attending post-secondary schools. Presently, there are three kinds of federal student loans:
Perkins Loan
Perkins Loans are only available to students that the government views as having the greatest financial need. Perkins Loans are set at a low fixed interest rate of 5% currently and the loan does not have to be repaid until completion of the education program.
Subsidized Stafford Loan
A Subsidized Stafford Loan is commonly also known as a Subsidized Direct Loan. Subsidized Stafford Loans are awarded on the basis of financial need. These loans have a low variable interest rate, which is subsidized by the federal government while you are in school, during grace periods, and during any deferment periods. While the rate is varies according to market interest rates, it can never exceed 8.25%.
Unsubsidized Stafford Loan
These loans, also commonly called Unsubsidized Direct Loans, are available to all students. Once a standard credit approval process is passed, borrowers are charged interest on the loan throughout the length of the loan, including interest accrued during their time in college.
In addition to loans the Federal Work Study program provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses while in school.
For more information on Federal student loans refer to the Department of Education Federal Student Aid website here: http://www.fafsa.ed.gov
Private Student Loans
Private Student Loans are not administered or approved be a federal agency. Instead, they are offered by a variety of financial institutions. These loans are available for nearly all students, however interest rates tend to be higher and no subsidies are offered, as with Federal Student Loans.
Many schools offer financial aid programs as well as student loans through their financial aid offices.
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