| With so many students attending schools and | | | | may need a cosigner. The loan amount may not |
| colleges, fees are on the rise. Therefore, by the time | | | | cover your expenses, and you may end up needing |
| you have finished school, you may be facing a huge | | | | more. With college student loans, there are easier |
| debt. That is where government student loans can | | | | terms. The government provides them as Federal |
| ease the burden. The government provides loans for | | | | Student Loans. A Federal Student Loan comes with a |
| students who cannot afford to pay for their | | | | fixed interest rate of 5% and there is no repayment |
| education. This can enable a student to consolidate | | | | for up to 9 months after graduation. The best part |
| any unpaid loans into one new loan with one monthly | | | | of government student loans is the fact that |
| payment. The amount and interest is low and is | | | | students don't have to worry about money during |
| stretched out over a longer period of time. This time | | | | their academic trek through school. |
| is termed the Moratorium. There are several loan | | | | There are two types of student loans. There are the |
| options to choose. Here are some criteria as to who | | | | government student loans previously discussed and |
| qualifies for a loan and who does not: | | | | private student loans that are available through |
| -6-Less than $22,010 - pays no fees | | | | private lending institutions. |
| -7-Between $22,010 and 32,744 - receive some aid | | | | The private student loan is given based on the |
| -8-More then $32,000 - pays full fees | | | | student or in some cases, parent's credit history. This |
| -9-Less than 15,580 - gets $1,000 yearly | | | | loan is available to graduates and undergraduates that |
| -10-All students can apply for the maximum of $5,175 | | | | are at least 18. The student needs a co-signer and |
| yearly | | | | the loan can be canceled in 90 days. The interest |
| -11-Disabled and dependent students get extra help | | | | rates on this type of loan are higher. Just with any |
| -12-$3,000 can be borrowed by any new student | | | | other loan, you should do your homework, research, |
| without question of status | | | | and look around at different lenders. It is your future |
| You need to have good credit in order to qualify for | | | | so make sure you get the best deal for your |
| government student loans. However, even if you | | | | educational future. |
| have bad credit, you can still obtain a loan but you | | | | |