Since there’s already a previous article about studying nursing with a minimal budget that shared the two major kinds of student loans, this article will help you identify the specific loans you can get. Entering into college can seem intimidating or even scary for some. Not because of the classes or the new environment, but because of the costs. There’s a lot to consider such as the tuition fee, miscellaneous fee, boarding, allowance, and more.
Hence, more and more student are dropping out of college or not enrolling at all after graduating in senior high. If you are really decided to finish college without stopping, check out these student loans you can get:
Stafford is a type of federal student loan where the finances come directly from the federal government’s program called FDSLP or Federal Direct Student Loan Program. Stafford Loans can be either subsidized or unsubsidized which vary in the amount of interest and maximum loan.
Perkins is another type of federal student loan which is very popular among students who seek need-based support. Though this program was put to a stop effectively last September 30, 2017, those students who were already provided with this loan for the academic year of 2017-2018 are still considered eligible.
This subsidized loan has a 5% fixed interest rate which is covered by the government. Students loved Perkins loans because it offers at least 9 months allowance before starting the repayment period.
Direct Consolidation Loans
It is common for most students to acquire loans every year or semester from different service providers. Thus, if you want to take the easier road, applying for a direct consolidation loan will allow you to pay only one servicer every month. The offered options in this loan are malleable depending on your capacity to repay but its interest is fixed. This alternative can help you a lot to lower your monthly expenses since it is also free from consolidation fees. However, you can only acquire this loan once.
This type of loan is also offered to parents who still have undergraduate students who are still dependent to them. Unlike other loans, this loan covers no maximum amount to be borrowed so it can cover all educational costs with a fixed 6.31% interest rate.
Private Education Loans
Also known as the alternative education loan, this loan is quite similar to the personal loan where a credit history is considered before being accepting an applicant. Its interest rate may be higher than other federal loans but it’s still lower compared with other loans like your credit cards.
Do you find this article helpful? In spite of the financial problems that you might be facing right now and the type of level you are in, there’s always a student loan that can suit your needs. It will not only help you but also your family to reduce your overall expenses.
Check out our other posts for more articles about nursing and medicine!