There are so many different options available for student loans these days that makes it a real buyer’s market for the student. Even better news is that there is some fierce competition among the money lending companies which means greater savings for the student.
The hardest thing for you to do is to choose between the best companies and decide which options for each will be the best fit for your circumstances.
Below we will look at the options that will be available to you as a student.
Before you start looking at what’s available, it’s a good idea to have a pen and paper handy and make a few notes. It’s also an idea to create a spreadsheet and list the pros and cons of each company’s loan details.
It is always wise to choose the government loan above all else as it usually offers the lowest interest rates and also the longest term, so as to make the loan available to almost everyone who applies for it.
You can also get it even if your credit rating is poor or none at all. This type of loan is ideal if you have no income.
These types of loans are historically easier to make your personal (financial) circumstances worse.
These are the higher interest rate loans but they can be more flexible with what they can give you. Most of these loans usually require that you meet certain financial criteria in order to be accepted and may also require that you have a cosigner.
These tend to have credit and income requirements just like any other private loan which means you will likely need a co-signer if you are a young college student. If your financial situation is well established, this probably won’t be a problem for you at all.
There are a great deal of other options to consider as well, which are:
Sallie Mae Student Loans
Many private companies to choose from
This is why it is important for you to make a detailed list of all the companies and loans that you think are worthy enough for you to consider and list all their advantages and disadvantages. This way you will be able to make your choice of student loans well informed.