Cheap Student Loans

students in classStudent 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. Student loans are available for undergraduates, graduate students, and parents who want to help pay for their child’s undergraduate education, and can  be obtained through both the federal government and private lenders. One of the most common and sought after types of financial aid is a student loan.

A private student loan covers tuition, the cost of books, study materials, and other living expenses. Good student loans will provide a significant amount of aid at an extremely low  Annual Percentage Rate (APR) that makes the repayment process very easy with a minimal mark-up.

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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.


featuresThere are essentially two main types of cheap student loans: direct-to-consumer loans and school channel loans. Most students prefer direct-to-consumer loans to school channel loans for their increased flexibility in financial aid management.

Direct-to-consumer loans offer special packages and a deferment of repayment upon completion of your studies, and the loan funds are distributed directly to the student to be used as the student sees fit.

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.

School channel loans, on the other hand, are sent right to the student’s college or university to cover tuition. Cheap college loans require a cosigner who has to have to a strong credit history, which usually is the applicant’s  parent or legal guardian. Cosigners should have a very good credit history, as their credit will impact the interest rate on the loan. These cosigners can  also 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.

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Types of Student Loans