Student Loans for Junior College
A junior college is a school that allows students to pursue a two-year degree. This type of college might offer a vocational, professional, or academic degree and usually the highest degree offered by a junior college is an associate degree. However, students who choose to first study at a junior college can proceed to transfer their credits and continue their education at a four-year college.
Students choose to attend junior colleges for a variety of reasons. Some students do it because they want to learn a specific trade skill, like massage or cosmetology. Other students attend these schools because they need the flexibility in scheduling often offered by these schools – junior colleges typically offer more night courses, for instance, than four-year schools. Still, other students choose a two-year junior college because it is less expensive than the other schools that prospective student would otherwise attend.
Despite the fact that junior colleges are typically less expensive than four-year colleges, students may still need help with establishing funding for the tuition and other education-related expenses at a junior college. For this reason, students who are attending a junior college often seek out student loans to help them afford their education. There are many different types of student loans available to people who are attending or plan to attend a junior college.
Types of Junior College Loans
Some of the student loans a person should consider to help pay for junior college include:
- Federal Perkins Loan: This loan is available to students who have a demonstrated financial need. It is an attractive loan to many students because the interest rate is only 5 percent, which is lower than many other loans that are available for students. A student’s income eligibility for this loan is based off the student’s FAFSA. Once a student has filled out a FAFSA and would like to find out if he or she is eligible for a Perkins Loan, the student should meet with a financial advisor at their respective school. Perkins Loans are distributed by each individual school, and not all schools offer them.
- Stafford Loan: This loan is available to students who are in financial need, and they are offered on both a subsidized and unsubsidized basis. These are among the most common types of student loans available.
- PLUS Loan: This loan can help a student to cover expenses that are not met through other available financial aid. This loan can be taken out by a student’s parents if they are dependent.
- Institutional Loan: This loan is not provided by the U.S. government like so many of the common student loans are. Instead, this loan is provided for the student by his or her junior college.
- Consolidation Loan: This is a type of loan offered to students that can help a student to combine any pre-existing loans he or she has into one loan that has a fixed interest rate and usually for a longer term. This can help a student to mitigate the expenses associated with high or changing interest rates down the road while also providing more time for the student to make loan payments.