Category: Parent Plus Student Loan
If you are looking to get a college or student loan then you may have a better chance than you think. Bad credit does not necessarily have to stop you. The 2 most common types of student loan do not even take into consideration credit scores unless you have messed up one of your student loans in the past which is unlikely. You have to look at the possibility that student loan default consolidations are possible.
Even if in the past you have messed up on a federal loan then it does not necessarily have to stop your education in university and college. There are different routes and additional provisions that you can go for if you have found yourself having trouble paying your loans in the past. You are not the only one who has had money trouble in the United States you know!
One of them is called a plus loan which is only available to parents directly and not the students.
Under this loan you are obliged by contract as a parent to pay some money towards the aforementioned education of the child.
In general you could say it is true that if you get a government loan you will do better off that if you get one from a private business but there is no harm in trying if you fancy that route. You just have to constantly reassure yourself that they have your best financial need at heart and walk away if not. But you can still apply for private loans as well as your student loan if you wish.
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According to a study, those students who have completed their college education are more relaxed and satisfied compared to those who do not have college degrees. In spite of the fact that a lot of students have to settle their education debts with later, a college degree has become a necessity for the students. Moreover, it is a gateway to the professional life and it is well known that without higher education, the students are less likely to get good jobs in future. Although weird that it may sound, a study reveals that college students live longer than their high school counterparts! The federal government has many loan offers. Let us at first review the offers that are available at the federal level:
Parent plus Loans: This loan is different than the other loans which are offered by the Government. Under this category, the parents are provided with the loans instead of the students. The application process is similar to that of a normal bank loan; the loans are approved on the basis of the credit score. These loans can be utilized for the tuition fees and other expenses such as books and supplies.
Subsidized Stafford loans: These loans are provided to the students on the basis of their financial priorities. Under this category, the students who belong to low income groups are considered before others. The Government is responsible for paying the interest on the loans until the students are out of college.
Unsubsidized Stafford loans: These loans are provided to all students irrespective of their financial needs. Unlike the subsidized category, the interest on this loan option remains as unpaid until the students are out of college and repay the same.
However, it is unheard of except for isolated cases, that the government student loans are not sufficient to cover the huge costs of college education. This is the exact reason for the students to also look for private loans in order to fund their studies. The private loans can actually act as a bond between the high costs of the college education and the limited amount that the government loans offer. Although the private loans are costlier than the government loans, they have flexible repayment offers which are convenient for the students. However, the eligibility of private loans will depend on the credit scores in the majority of cases. On the other hand, the terms of the government loans are far better than the private ones; that is why, the private loan options should be taken into account only when the other options are exhausted. While the interest rates on the federal loans remain fixed, for the private loans it will keep varying; but with private loans will have such offers as a deferred repayment which a federal loan does not have.
Therefore, the students and their parents resort to private loan options only when the federal offers are not enough to cover the costs. While the rules of the federal loans are far more relaxed, the private loans can help the students by providing 100% coverage for their college education.
outh Carolina Student Loan Corporation is a non profit organization since 1973 offering loans to students to finance their education and make college education possible for a number of students. This institution is designated by the State of South Carolina. It is the one and only state wide non profit educational money lender for student’s loan.
The main aim of the institution is to provide financial assistance to students and their parents, thereby enabling them to achieve their educational goal without delay and hardship. Professional assistance is offered to administrators and counselors of these programs thereby enabling them to carry out their function and responsibility without any hindrance.
Ensuring there is no deviation from core values such as integrity, respect, service, value for people and teamwork, this corporation offers a number of benefits. They are as follows
No federal default fee
No origination fee
Excellent money saving benefits
Flexible loan repayment options
Loan Corporation offers a number of programs and they are as follows
Federal Graduate PLUS Loans
Federal Stafford Loans
Federal Parent PLUS Loans
South Carolina (SC) Teachers Loan
SC Program of Alternative Certification for Educators Program (PACE)Loan
Palmetto Assistance Loan (PAL)
Residency and Relocation (PAL) Loan
Law Practice Review and Exam Preparation Loan (PREP) PAL Loan
SC Career Changers Loan
In addition to loan programs the SCSLC offers scholarships worth ,000 every month. Consolidation services are also offered by the organization both for Federal as well as private loans. These loans are offered at a comparatively lower rate of interest and convenient repayment options. Loan forgiveness programs are offered subject to the fulfillment of certain conditions.
The first place you should go is your college or university’s financial aid office. Assuming you applied for financial aid when you applied to the college, you will already have a financial aid package in hand. It may contain grants, or work-study, or federal or private loans for which you can apply.
If you’re wondering, before applying to college, how you’re going to pay for it, here’s the scoop:
If you’re still in high school make sure you’ve applied for every scholarship for which you’re eligible through the high school.
Fill out a FAFSA. This is a Free Application for Federal Student Aid. It will tell you whether you’re eligible for federal student financial aid like Pell grants and work-study programs. You’ll need current tax documents to fill out a FAFSA – either your own, if you’re independent, or your parents. The FAFSA may get you money that you don’t have to pay back or money that’s the “cheapest” to pay back. You’ll learn more about the FAFSA through your college.
Okay, you’ve done your homework and you’re up to . The first loan to apply for is the Federal Stafford loan. They’re sponsored by the federal government and offer low interest rates and a long time for repayment.
Have your parents consider the Parent PLUS loans which are federally sponsored loans for parents of students.
The last place to turn is to private student loans.
The key to college financial aid and loan applications is the FAFSA. You can find this online easily and certainly you will be informed about it through your college or university’s financial aid office. The FAFSA will help your college find all of the federal money, and scholarships and loans through the college itself, for which you’re eligible.
After dealing with the college for financial aid, you’ll want to through private lending institutions such as banks. Private student loans are also called personal student loans or alternative student loans.
The “cheapest” and hardest to get student loans are available to students who have great credit histories and who also have a cosigner with a great credit history. These loans sometimes offer a low interest rate and high fees. It’s often better to take a loan that has a slightly higher interest rate and low or no fees.
The best place to get information to apply for student loans is the financial aid office of your college or university. The office will tell you what “free” monies might be available to you and then help you apply for federal financial loans and finally, the loans of last resort, private student loans.