Consoldating college loans

Federal Student Loans The federal government has a robust set of loans that can help students make college more affordable.

Federal loans generally have lower, fixed interest rates and can give borrowers more repayment options than private companies.

Work-study jobs are government-subsidized and are available to students who demonstrate financial need.If you’ve exhausted all these options, it may be time to consider a student loan.If you want to get a student loan, you generally can’t go down to your local bank and take out a loan to pay for college.We spent 40 hours researching student loans, contacting lenders and learning about rates and repayment options. It has flexible loan terms, high limits and good rate reduction bonuses if you have a Citizen’s Bank account. It has a longer forbearance period, but offers more repayment lengths and higher loan limits.Lend Key has the shortest cosigner release period and longer forbearance than other lenders.Both are considered unsecured loans – this means they’re riskier for the banks than secured loans, which have an asset or collateral behind them. The only asset behind an unsecured student loan is your future earning potential: your brain, essentially.For this reason, private student loans can have very high interest rates.Also, many student loans have variable rates, which means they can fluctuate based on changes in the market.Private lenders have no obligation to offer forbearance periods or to defer payments due to hardship.Depending on your need, you may qualify for additional grants or subsidized loans.If you max out your federal student loans and still need assistance, you may want to think about getting a private student loan as well.

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