Quality education is very important for an individual if s/he wants to lead a lavish lifestyle with loads of money in the pocket. There are numerous courses and degrees now being offered in USA as well as in other parts of the world like Management, Engineering, Doctorate, Biotechnology etc. But the biggest problem for the students is that the cost of education has taken a rapid stride in the past few years or so. Gone are those days when one could complete the higher education with a paltry sum of money. The scenario has now changed completely as the institutes and colleges are now charging astronomical amount of money in the form of tuition fees and other expenses. As a result of which the students hailing from the average middle class families find it difficult to afford.
About Student Loan Program
If you are one of those people who have high dreams and aspirations of completing higher studies from a reputed college and you are falling short of cash money, then there is no need to worry the least anymore. Student Loans is available that is specially designed for those who wish to study further and are unable to do so for the want of available financial resources. With the help of this very financial aid program, an individual can avail finance for the tuition and other college expenses and able to pursue quality education without the least amount of financial crunch.
Amount Available under Student Loan Program
For students who are looking forward to take admission in any of the colleges or universities of USA, then you can apply for this educational aid program to manage college expenses in a hassle free manner. The money is being provided by the Federal Government of USA and this very aid is also known as Federal Student Loans. There are numerous types of loans available like Stafford Loans, Perkins Loan etc. The best feature of the loan is that students with bad credit history can also apply and there is no need of any cosigner to take guarantee of the loan. Under this federal loan, the maximum amount that can be financed is the tuition expenses only and the rest amount has to be managed by the individuals concerned.
For those of you who think that the Student Loans being offered by the US Federal Government is not optimum since it pays for tuition expenses only, then you can opt for this type of loan from the private lenders. There are many companies in USA like Sallie Mae, Wells Fargo, Citibank, Chase etc that can offer the total cost of attendance minus the financial aid received by the students in the form of scholarships or grants. It means that one can avail financing for not only tuition expenses but other things like hostel charge, purchase of books and other living expenses.
Salient features of Student Loan Option
financing available up to total cost of attendance
easy repayment process with flexible payment options
one can apply for the loan via online method
money available for undergraduate & postgraduate studies
interest rate affordable and as low as 6.8% APR
loan process is hassle free with minimum paperwork
no assets or valuable items required as collateral
highest loan approval rate in the country
How to Apply for Student Loans Online?
One should be aware of the fact that the Federal Government based loan program for students is a need based financial aid program with first come first serve basis. So, it is important that you apply for the loan as quickly as possible. For that one would have to fill out an online application form called FAFSA with relevant personal and educational details. You will have to submit the form before the deadline ends. If you want to apply for loan from the private lending agencies in USA, then you need not have to fill FAFSA but other kind of online application form stating your personal data and other educational qualifications.
Eligibility for Applying Student Loan
Before opting for this financial aid program, it is very important that one should adhere to the eligibility norms mentioned under the following headings:
- age should be more than 17 years
- should be a permanent resident of US
- college should be approved by US Dept. of Education
- course should be a residential full time one
- a valid bank checking account active since past 3 months
What is the Repayment Process of the loan program?
As far as the repayment of this loan aid is concerned, the payment process would begin after 6 months of course completion or 12 months after getting a job whichever is earlier. As a borrower, you would be given a time span of 7-10 years to pay back the loan inclusive of the interest rate. So, all in all, it is a very good financial aid program that can make higher education affordable for those even who does not dream of quality education due to paucity of funds.
So for all those of you who want to get quality education and that too without the least bit of financial crunch and in an easy hassle free manner, can go for this loan option.