Are you thinking about going to college in the near future? If you answered yes, then you are probably going to need to take out a student loan in order to pay for your tuition and books.
- The first step in the process is to fill out a FAFSA; a FAFSA is a free application for federal student aid. This will help determine what if any federal student aid you will receive.
- The second step in the process is to figure out how much student loan money you will need. You need to know how much your tuition and books will cost so that you can prepare yourself in advance for these expenses.
- The third step in the process is to research student loan lenders. Examples of student loan lenders include: Sallie Mae, Sun Trust, Wells Fargo, Citi Bank, Discover, and U.S. Bank. You need to find a lender that has a competitive interest rate because you will be re-paying your student loan from anywhere from ten to thirty years. You need to save as much money as possible so finding a competitive interest rate can really help you a lot financially in the long run.
There are many types of student loans they include:
- subsidized Stafford loans
- unsubsidized Stafford loans
- parent plus loans
- private student loans
- federal Perkins loans
A subsidized Stafford loan is a loan that you get based on your financial need. The government takes care of the loan interest until you finish school and enter into repayment.
Unsubsidized Stafford loans can be given to any person who applies for financial aid; the interest accrues as soon as you get your first disbursement of loan funds. You have to start to repay the loan after your six month grace period ends.
Parent plus loans are loans that parents of college students can take out. Parents can only get these loans if they pass a credit check and have good enough credit to secure the loan. The repayment process begins two months after the second loan disbursement occurs.
Federal Perkins loans are given to college students who have special circumstances that cause them to need financial aid. The repayment plan usually begins nine months after the student has stopped taking college classes.
- The fourth step in the process is to apply for either a private student loan or a combination of private student loans with federal loans. You need to make sure that you understand all fees and interest rates that you will be held responsible for. You should also speak to the financial aid representatives at your college to make sure that you have everything in order.
June 10th, 2009 at 12:01 am
I live in Pakistan. My son is doing his A levels with Maths,
Physics and chemistry and had Statistics in O levels which i passed with 95%marks He wants to study Actuurial science or any other math related subject in
any world class university in USA,Canada or anywhere else.I am looking for him the opportunity to have financial aid, scholarship or the bank that offers loan to international students.
Initially i have found Waterloo University, Canada a suitable university for him to study Acturial Science.
His Final
exams of A levels will be held in May-June 2010 and the result of his
exams
will come out in August 2010.
Could you please let me know that if he is eligible to get the loan from any bank to study Acturial Science in Waterloo and which bank.Please send the procedure for applying loan for the period i have mentioned earlier. I will require loan to pay directly to the University before the start of the course. I have co-signer in USA or Canada.
best regards
sattar
June 10th, 2009 at 10:27 am
The best thing you can do right now is to contact the University’s financial aid and registration departments. They will be able to give you all the information you need and give you a good idea if you will be able to receive financial aid. They will also be able to tell you about loan programs, scholarships that might be available for international students, student visas, and much more. They will be happy to hear from you and gladly assist you with your questions.