What Are the Student Loans Offered?

Many students wanted a brighter future for their family and self. Being able to graduate in college is the stepping stone of their dream. But there are circumstances that make this dream harder. Financial problem is mostly the problem of high school students. That is why financial aids are the options of student. The easiest way to get help from the problem is through applying student loan. You can visit Mygreatlakes.org to know more about student loan. There are many types of loans that you can apply which one must know. Before applying, you can choose a loan that will fit to the educational cost you will have. Go over the list of loans below and choose that fits you:

  1. Federal Parent Plus Loan. This loan is offered to parents with 8.5% as interest. If other loan is available, this is not recommended.
  2. Federal Perkins Loan. This loan is offered with %5 as interest. It has lower interest for students who have great financial aid.
  3. Private Loan. This loan is offered if the student does not get enough loans from the government.
  4. Federal loan. This loan has low interest and is recommended to students. Most of them are eligible to apply in this type. There are three kinds of Federal Loan.
    1. Stafford Loan. The loan is first applied through completing FAFSA form. Passed it to the school and they will be the one to determine how much the student needs.
    2. Subsidize Loan. The loan is according to the need of the student. The interest will grow after six months of graduating from college.
    3. Unsubsidized Loan. It is not according to the student needs and the interest will start to grow after the loan is granted to the student.

Above are the four choices of students on which loan they can apply and fit for their needs. Blog post like this is really helpful.