Kentucky Student Loan
In the past few years, having a college degree has become an essential requirement for virtually every respectable, well-paying job. The rising costs of college tuition, combined with a turbulent economy, have made it quite hard for average Americans to afford a college education. Fortunately, students can apply for several types of financial aid in order to cover their educational expenses. These include scholarships, grants and student loans. Scholarships and grants are awarded to a limited number of students every year and most of these awards cover only a portion of the total cost of tuition. Student loans, on the other hand, are an excellent way to obtain all the funding required for a college degree, in addition to expenses for study materials and books and living expenses.
What is a Kentucky Student Loan?
Residents of the state of Kentucky may obtain a Kentucky student loan. These loans are specially designed for residents of Kentucky who are attending college and they allow students to obtain the funding they need for their educational expenses. Furthermore, these loans carry lower rates of interest as compared to other types of loans. In some cases, students are not required to pay back the money they borrow until after they graduate. Borrowers who keep up with monthly payments, have good credit, or have a cosigner on the loan, can get the money they need on better terms.
Types of Loans
Kentucky student loans include federal loans such as Stafford, Perkins and PLUS loans. These loans are guaranteed by the federal government and are available at fixed low rates of interest. They also come with flexible repayment terms and deferment options. However, in some cases, the amount a student is eligible for may not cover the complete cost of a college education. In this situation, Kentucky residents can apply for a student loan from a private financial institution. These loans have flexible borrowing limits and are processed almost immediately.
How to Apply For a Loan?
In order to apply for a Kentucky student loan, applicants are required to fill out the Free Application for Federal Student Aid, or FAFSA. The application can be completed online or via mail and is usually processed within a few days.