Florida Student Loans
A student loan is a type of financial aid provided to students facing financial constraints in order to help them pay for school and school related expenses. Student loans are designed for students who cannot cover the cost of college without financial assistance, and enable students to pursue higher education without being limited by their financial situation. Students can apply for these loans from the federal government, banks, and other financial institutions. Florida student loans are, as their name implies, student loans designed for students who live in and/or attend college in the state of Florida.
Things to know about Florida Student Loans
Like most other states, Florida has two major kinds of loan programs:
- Federal Student Loan Program
- Private Student Loan Programs
There are many Federal student loan options available to Florida students, including the typically preferred Stafford and PLUS loans. Of course, as with any form of financial aid, students should exhaust free money awards, such as scholarships and grants, before considering borrowing. If borrowing is a necessity to afford college, then these federal Florida student loans are the best option to begin borrowing with, meaning you should not borrow private Florida student loans before federal. There are numerous Florida student loans offered by both national banks such as Discover and Sallie Mae, as well as by local banks and credit unions. These private student loans start from as low as $500 and have a minimal Annual Percentage Rate (APR). Most students prefer private student loans to traditional loans, as they will pay back less interest on the loan due to the lower APR. Whichever student loan you opt for, you will receive financial aid to pay for tuition, study materials, and living expenses. If you think a Florida student loan is right for you, and have exhausted all other aid options, then use our student loan comparison tool at the top of this page to search, compare, and apply for Florida student loans.
There are various terms and conditions that an applicant must keep in mind before applying for Florida student loans. For instance, most loans are only for U.S. citizens with a valid SSN. However, there are lenders that accept a non-citizen’s loan application if they have an American cosigner with a healthy credit score. Banks usually require a good credit score, though there may be exceptions few and far between. It is extremely important to research all of your loan options before applying, as terms and conditions of borrowing vary from lender to lender and from loan to loan. Doing the research is important, and fortunately, you can compare all of your private student loan options by using our Student Loan Comparison Tool at the top of this page, which allows you to make an informed decision on student loans by providing as much information regarding the loans as possible.
What is the application procedure for student loans in Florida?
If you live in Florida and are looking for loans to finance your studies, you can consider a range of private and federal student loan options. Federal loans are the most commonly pursued loan options, as these loans are easy to apply for and have a comparatively low interest rate. To apply for these loans, you will need to fill out a FAFSA form online. Many private banks in Florida also provide student loans. However, it is important to remember that private loans have strict eligibility criteria and may come with a higher interest rate.