| Sometimes the choices in life can be tough - do you | | | | student loan is probably the best choice, simply |
| buy that nice, brand new car, maybe pay a large | | | | because of the variety of situations they are willing |
| lump of your home - or do you pay for college? For | | | | to consider for needs-based loans. So if you come |
| many, the costs involved in four years of college are | | | | from a one-parent family, or perhaps have elderly |
| similar to paying for a car or half a house, and that's | | | | parents, but can show your excellent work prior to |
| a lot of money for most people. | | | | college, then you may be considered. Sometimes a |
| So education loans can be an absolute blessing, giving | | | | student loan can simply relieve the pressure of trying |
| you the chance to attend college without your family | | | | to support yourself, which can interfere with your |
| having to find the money upfront. They're available | | | | studies. |
| for anyone who wants to attend college, and all you | | | | Private loans are a lot more complicated, because |
| have to do is find the loan company and get | | | | many different companies and individuals offer them. |
| accepted. | | | | Still, they can be useful if you're unable to qualify for |
| Basically, there are four main sources of education | | | | a federal loan. Most allow you to defer interest while |
| loans - the government, private funders, the Teem | | | | you're still at school, and are often quite flexible in |
| Esteem Foundation and consolidation loans, which are | | | | their repayment options. It's usually quite |
| for when you've finished college. | | | | straightforward to apply. |
| Federal loans are available in two main categories - | | | | The Teen Esteem Foundation also offers education |
| need-based and non-need-based. So let's take a look | | | | loans, and is supported by the primary loan |
| at both. Need-based loans have low, affordable | | | | institutions. The aim is to support families financially, |
| interest rates, discounts and deductions, such as the | | | | and to emphasize concerned, involved support for |
| Stafford Loan. If you don't qualify on a needs basis, | | | | families, rather than just handing out money. |
| then you will have to apply for something like a | | | | Once you've finished college, a consolidation loan may |
| Federal Plus Loan, which is aimed at parents with | | | | be a good option to help you reduce your education |
| children at the undergraduate student level. This type | | | | loan repayments, or at least simplify things if you |
| of loan can give you a borrowing allowance of up | | | | have more than one loan. However there are a wide |
| 100% of total college costs, plus discounts, and may | | | | range of factors to consider when refinancing, so |
| have some tax-deductible features. | | | | make sure you either do your research or seek the |
| When it comes to education loans, a government | | | | help of a loan professional. |