Cheap Student Loans
Student loans are a form of financial aid given to students by the federal government, banks, and other financial institutions. There are many different kinds of college student loans, and all of them are tailored to students in that they have lower interest rates and longer repayment periods than other conventional loans.
Cheap student loans are available from both the federal government and major private lenders. For example, Sallie Mae and Wells Fargo offer some of the best cheap college loans. These programs are designed for motivated students who are pursuing a bachelor’s degree or higher, and who cannot cover the total cost of college after receiving other forms of financial aid.
Cheap student loans are an attractive option for students who have no part-time job and who want to focus on their studies with no financial distractions. As such, these loans are very helpful as a form of financial aid, especially so for the relatively more expensive degree programs. Keep in mind that cheap college loans help pay for tuition, fees, books, study materials, and living expenses.
There is essentially one type of cheap student loans: school-certified loans. These loans have borrowing maximums and are disbursed, or sent, directly to your school to cover tuition costs.
The major requirements in any cheap student loans program are that you need to have a valid SSN, a fairly good credit history, and that your college or university is recognized by the lender you wish to borrow from.
Cheap college loans usually need a co-signer who has a strong credit history, which usually is the applicant’s parent or legal guardian. Co-signers should have a very good credit history, as their credit will impact the interest rate on the loan. Depending on the lender, co-signers may be removed after a specific amount of successful repayments. Along with having a minimal interest rate, the providers of such loans also offer flexible repayment options. Before applying for cheap student loans, you should research and compare your options thoroughly.
Yes, if you wish to apply for the cheapest student loans, you will need to fill out a FAFSA. This application is used by the federal government to determine a student’s eligibility for federal financial aid. The different aid programs include loans, scholarships, grants, and work-study programs. That application is available free of cost at fafsa.ed.gov.
How can I get cheap college loans?
Cheap college loans are offered in various forms such as federal, state, or private loans. The cheapest form of college funding, apart from ‘free-money’ awards such as grants and scholarships, is considered to be federal loans, since they usually have the lowest interest rates. To apply for federal loans, one must submit the Free Application for Federal Student Aid (FAFSA). However, to qualify for some federal loans, an applicant must demonstrate financial need. All students are eligible for Unsubsidized Direct Loans, but other types of federal cheap college loans require applicants to show financial need. If you cannot prove financial need and the federal loan acquired does not pay for all your school costs, you can apply to various private loan sources such as private organizations, individuals, or banks. Private funding allows you to borrow as much as you need to cover your school expenses, but at an interest rate of the lender’s choice. Hence, it is recommended that you check the terms and conditions of private loans thoroughly before signing up for one.
How can I get affordable student loans?
Your first choice should be to look for federal loans, as these have plenty of features that are sometimes better than those offered by private lenders. However, if you can’t obtain federal loans, then you should get quotes from as many lenders as possible. Moreover, you should ask for annual percentage rates (with all fees included) so that you can easily compare offers.
What can I do if I don’t get cheap loans for students from federal sources?
Although federal loans are the most recommend form of loans, there are many students who do not qualify for them. These students can explore the option of private loans, as they provide assistance to thousands of students. Students who have good credit history or have a co-signer can get loans at lower interest rates. It is also advisable to compare loan options offered by various companies before making a choice.
What would be the best student loans?
The federal government, with its Perkins and Direct Loan options, is considered to be the best student loans. These loans are easy to apply for, as students only need to fill out the FAFSA. This form is available online and can be submitted at fafsa.ed.gov. Both Perkins and Direct Loans offer fixed interest rates with more protection for the borrower. Compared to private loans, students are recommended to exhaust their federal options first.
- There’s no such thing as a truly cheap loan, but we can help you minimize your costs if you’re looking for ways to pay for college.
- SimpleTuition has a loan comparison tool that you can use to compare your loan options side-by-side, in order to find the best borrowing option for you.
- Doing research before applying for a loan is very important, and we recommend you explore other sources of funding, such as federal loans and scholarships, before taking out a private loan.
Types of Student Loans
- Student Loans Home
- 911 GI Bill
- Alternative Schools
- Flight School
- For Bad Credit
- For Community College
- For Single Mothers
- Funding Graduate School
- GI Bill
- Interest Free
- Low Interest
- Medical School
- No Cosigner
- No Credit Check
- Obama Loan Forgiveness
- Parent PLUS
- Part Time Students
- Post 911 GI Bill
- Private Loans with No Cosigner
- Private School
- Subsidized Loans
- Without Cosigner