After thinking for a long time, student loan cannot be as risky because the cost of repayment will be worth enough in the future. If you can land on a good job after graduation, this loan is worth of the sweats. There are now many people who have succeeded in life after sacrificing a little in college through applying a student loan. My great lake website will tell you more about this loan. But all you need is to know what kind loan that will fit for you. Eventually, there are many types of loan that a student can choose from. So before you start applying, get to know each o them first. This is to maximize the loan with lesser payment in the future.
- Federal Loan. A loan offered by the government to the student with lowest interest as possible. Everybody is welcome to apply and a big chance to be approved.
- The Stafford Loan is the first category for this type which is determined by the school what the student needs. The student will pass FAFSA form to the school.
- Subsidize Stafford Loan is a need based loan. Six months after graduation, interest will start to grow.
- Unsubsidized Loan is not a need-based loan. The interest will grow as soon as the student receives the loan.
- Private Loan. This loan is given by private lenders which offer special deals and low interest.
- Federal Parent Plus Loan. The loan that is offered to parents with 8.5%. Not advisable because of the high interest but can be your last option.
- Federal Perkins Loan. The loan is offered by 5%. Lower rate of interest that is offered to students who needs big help in their education.
Student loans can be worth a risk if you choose the type which fits your needs from above.