There are many college students who require money to pay for their education. They can get loans that are small or large depending upon the course they plan to pursue in a college. The loan can be used to pay for the students$%: books, fees, travel and other supplies. It takes a fairly short time to apply and almost anyone can get the loan approved. The borrower also receives the loan in a short period of time.
The US Department of Education controls the Stafford Loans and PLUS Loans, which are meant for the parents of the student. There are loan funds that come directly from the federal government, while some come from a bank, credit union, or other participating lender. One such loan sponsored by the federal government in the Stafford loan. It is a low cost student loan that helps students pay their college fees.. There are various benefits of Stafford Loans. Students can get 3.3 percent of their original loan amount returned as cash or as an account credit. They may qualify by making their first 33 monthly payments on time prior to entering repayment. They also include reduced payment plans, and offer options for deferment, forbearance and loan consolidation.
PLUS Loans help parents with a good credit history, to borrow money at a favorable interest rate, so that they can pay college fees, for their dependent undergraduate children. The loans have variable interest rate, which do not exceed 9%. In addition to these loans, there are private loans that can be obtained from private lenders for college costs. They are not covered by federal and campus-based financial aid and usually include higher interest rates than federal loans.
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Most of the colleges in the United States accept college loans. It is beneficial for students, who lack funds to pursue higher education. Most college loans are structured in a manner that permits flexible monthly payments, or the borrower can even repay the loans after graduating and getting a job.
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