Finding And Applying For Education Loans

If you're planning on getting any form of higher education, then you might want to consider applying for an education loan, to help you pay for the costs of your education.

Education loans are a blessing in disguise, what with the costs of college for four years being almost as high as the purchase of a nice car or, say, half a house in suburbia. And education loans are not just for high-end superachievers who need only one alternative or supplement to their jobs. There are a variety of venues from which to acquire loan money for school. Here are the first four sources from which you can obtain a college loan.

FEDERAL LOANS – come in two kinds, need-based (like the Stafford Loan, with affordable, low interest rates, deductions, and discounts) and non-need-based (like the Federal Plus Loan, a loan for parents with undergraduate student children, with borrowing allowances up to 100% of the total college costs, with discounts, and with tax-deductible features) are probably the most affordable education loans.

I tout the benefits of going the government student loan route because I have seen hundreds of needful students benefit: students who have only one living parent have been granted monies for finishing college; students with elder or aging parents have been awarded loans to continue their excellent work; and students who are on their own have been loaned government money that helped them get through the rigors of college programs when getting the money themselves was just too tough.

PRIVATE LOANS – are student loans for students going to private K-12 schools or private colleges, these are loans which can take the place of or supplement federal aid. These educatin loans have deferred interest while students are still in school, budget-friendly repayment options, and smooth application processes, which make private education loans make for a viable option for many people.

TEEN ESTEEM LOANS – are those of a program started by the Teen Esteem Foundation to reduce teenage drug abuse, pregnancy, and suicide. These are offered by the primary loan institutions who also emphasize involved, concerned support of families and who offer a smooth-going financial aid process.

CONSOLIDATION LOANS – are those loans which are available after college: they help the borrower/graduate reduce payments on education loans by enabling him/her to combine all of their educational loans together using one loan institution. Even better for those who have already consolidated, some loan sources enable the borrower to refinance the loan bundle at a more affordable rate(s). So be sure to ask!!!

Once you wrap your brain around the numbers, percentages, statistics, and requirements, and once you have an eye on the most beneficial of education loans, ask as many questions as you need to before you sign on the dotted line. And while you’re filling out forms (of which, be forewarned, there are many), start filling out scholarship applications, too!