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from: Help I Need A Student Loan
Jim Donaldson
Article:
Well even if you have little credit or no credit rating at all,
you can still get a student loan. Student loans are a good way
to build credit as well, so once you obtain one, be sure to
repay it.
Student loans for those with little or no credit are
government-backed loans or loans offered through your
university. One such option is the Stafford loan. When the
student borrows these loans, most lenders do not look at the
student's credit history. You can apply for a Perkins loan as
well, which also does not look at your credit history. The
government supplies the money for this type of loan, but it is
reserved those who are most in need, so this option is not
available for everyone.
Federal student loans are based on both income and availability.
What happens if you can't afford college yet don't qualify? An
alternative choice for you or your parents is a private student
loan. These are loans done through private lenders instead of
the government. The advantage of these types of direct student
loans is that they have many of the same kinds of benefits as
federal loans. These loans can be used for any and all college
expenses. Things like tuition, books, supplies, computers, and
living expenses are all things that qualify for private student
loan funds. These loans are unsecured, meaning that no
collateral is needed. The loans are credit-based instead. This
can mean that you might need a co-signer if you have not
established a credit history.
A private education loan is usually a low-interest loan. The
money can be delivered in as little as five days, and the money
is given to you instead of the school. You are then responsible
for paying for their various educational expenses. Once you
graduate and find a job, the reality of paying back your student
loans hits. Below are some steps you can take to help keep the
payments from causing you heartache.
The first rule is to stick to a payment plan. Set aside a
certain amount every month for your loan payment. Making a
larger payment than required each month can help you pay back
the loan sooner, thereby saving you a great deal of money on
interest. If you think you may forget, set it so the payment is
electronically transferred each month. If you're simply can't
come up with your monthly payment, there are options. Since your
salary is only going to grow as you climb the corporate ladder,
you can schedule graduated repayment plans with your lender. You
start with a low monthly payment that will gradually get larger
over the term of your loan.
If you're absolutely out of options, you might be able to
temporarily suspend your payments. If you lose your job or go
back to school for an advanced degree, you can request a
deferment of your loan payments. If your request is granted and
you have a Stafford loan, the government will actually take care
of the interest that accrues during your deferment. If you can't
get a deferment, try forbearance. You can suspend payments for
up to a year, though you'll still be responsible for the built
up interest.
This kind of loan has other advantages similar to federal loans.
The interest and principal payments can be deferred until you
graduate from school. For most of these loans, you are required
to be attending school at least halftime for the deferral of
payments and interest.
About the author:
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about student loans and college scholarships. Please visit
http://www.studentaides.com
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