Are You Eligible for Higher Education Student Loans?
{ Posted on 3:34 AM
by SHANI
}
If you are considering furthering your education, then you might be in the market for higher education loans to help cover the cost of your education. College is expensive, and most people cannot afford to pay the complete cost of education out of their pocket. This is where higher education student loans come into play. If you cannot afford to pay for college, consider looking into student loan options!
Loans, on the other hand, must be repaid, with interest. Student loans for higher education are really borrowed funds. When the education is complete, the student must pay back their higher education student loans.
The other Federal program is the Federal Perkins Loan. These loans are set at a 5% interest rate, and can apply to both undergraduate and graduate work. Students can borrow $4,000 each year for undergraduate schooling, and $6,000 for graduate school. The loan is actually made by the school, with help from the government. Students pay the school back for the cost of the loan, rather than the government.
What are Higher Education Loans?
Students who are seeking college level education can pursue student loans for higher education. Student loans higher education are loans to cover the costs involved in pursuing a college level degree. Loans do not just apply to college tuition, but can sometimes be used to cover the cost of books, room and board, and meals while in college.How Student Loans Differ from Other Funding Options
Some students pay for their college education through grants or scholarships. A scholarship is money given to a student due to some merit that they have achieved, usuall y for community service, grades, or athletics. Grants are money given to pay for education, but not based on merit. There is usually some sort of a clause in a grant specifying the course of education the person can take. For example, a potential medical student may receive a grant from a medical foundation, but in order to receive the money, they must pursue a degree in a certain field of medicine. Neither grants nor scholarships must be repaid.Loans, on the other hand, must be repaid, with interest. Student loans for higher education are really borrowed funds. When the education is complete, the student must pay back their higher education student loans.
Types of Higher Education Loans
There are several types of higher education loans that students can apply for. Some are handled by the Federal government, while others are state higher education loans.Federal Loans to Students
The Federal government offers a couple of loan options that are given directly to students. One of the se is the Federal Stafford Loan. Stafford Loans can be either subsidized, where the government pays part of the interest while you are in school, or unsubsidized, where the government pays nothing. Stafford Loans carry a fixed interest rate of 6.8%. Students who have used Stafford Loans for their undergraduate degree programs can then apply for Federal Graduate Plus loans, which are financing for graduate school programs.The other Federal program is the Federal Perkins Loan. These loans are set at a 5% interest rate, and can apply to both undergraduate and graduate work. Students can borrow $4,000 each year for undergraduate schooling, and $6,000 for graduate school. The loan is actually made by the school, with help from the government. Students pay the school back for the cost of the loan, rather than the government.
