| Low interest student loans are available through | | | | finance your education. |
| federal student loan sources as well as private | | | | Federal student financing (Stafford, Direct and Perkins |
| sectors. Almost all private low interest student loans | | | | loans) can be combined with outside and/or school |
| will require you to pass a credit check and this can be | | | | awarded scholarships, like Pell grants (which do not |
| difficult if you are looking for private student loans | | | | have to be repaid), PLUS loans (made to students' |
| options with bad or no credit. You will find that a | | | | parents), and other financing. |
| many of the federal student loan programs do not | | | | Start the process by filing the Free Application for |
| require you to have collateral or even a credit check. | | | | Federal Student Aid (FAFSA), and submitting the |
| A lower interest rate means lower payments, a | | | | application starting January 1 each year. Once your |
| shortened repayment period and more money in | | | | form is reviewed by the government, they will send |
| your pocket. Interest will be charged beginning on the | | | | you a letter called the student aid report. This report |
| date of the first loan disbursement. Interest can be | | | | will tell you what programs you qualify for and how |
| paid as it accrues or it will be added to the loan's | | | | much money. |
| principal balance upon repayment. | | | | The school you listed on your FAFSA will also receive |
| While it is sometimes possible to get a private loan | | | | a copy of this report and will then structure a |
| with a very low interest rate, your best bet is with | | | | financial aid package, based on your qualified |
| federal student loans. Federal education loans are | | | | programs and send to you. |
| available in either the Direct Loan or | | | | Don't pass up your opportunity for the lower rates |
| federally-guaranteed student loan programs. The | | | | offered by the government run programs, just |
| Federal education loan programs offer lower interest | | | | because of paper work needed. The biggest benefit |
| rates and more flexible repayment plans than most | | | | of filing a FAFSA could be that you also qualify for |
| consumer loans, making them an attractive way to | | | | grants that you don't have to pay back. |