Compare Aid and Loan Packages by College Institution
If you want financial aid for higher education, then there are plenty of available options, including grants, student loans, scholarships and work-study programs that can help you obtain money for college tuition so that you may turn your dream of college into a reality. Some of these awards are granted on the basis of need while others are based on merit. The award money in each program varies. Scholarships and grants help you obtain free money; so before you look for other options, try for these funds. Student loans are another great funding option through which you can finance your education.
Types of Student Loans
Both the federal government and private lenders offer student loans. Federal loans include Perkins and Stafford Loans. Students who want to obtain these funds must demonstrate financial need. Furthermore, Plus loans are available for the parents of students and they are granted after a credit check. Private lenders such as banks offer a wide variety of options for students who want to pursue a higher education in an affordable way. These lending options have a higher rate of interest compared to federal loans. Students who may require additional money other than what they obtain through federal loans should apply for these funds.
Comparing Available Aid
Comparing student loans is important, as you will able to get an idea as to which particular loan program is best suits your needs. Once you explore all of your options, you should compare them before choosing a loan. You can easily compare the interest rate of different student loans and know which one has the lowest rate of interest. Federal student loans such as Perkins and Stafford have very low rates of interest. Private loans have different interest rates; some may have lower rates of interest than others. You can look for online student loan comparison tools to compare your options; that way, you will be able to benefit from a loan program you can actually afford and one that will meet your educational expenses in the best way possible.
Whenever you’re searching for college funding
options, it’s important to maximize your federal financial aid first. Federal funds have generally more flexible interest rates and borrower terms than their private counterparts. It also helps to pursue grants and scholarships, which you can find from a variety of sources: schools often offer grants, as well as businesses, towns, states, and the federal government. These kinds of awards are “free money,” meaning you don’t have to pay them back. If you can fund your college education with a combination of federal loans and free money aid, you’re in a pretty good spot. If you do need private student loans to supplement your college funding, it’s extremely important to compare your options. You can use our student loan comparison tool to find the loan that’s best for you.