The expenses of going to college often discourage students from pursuing their dreams. Student loans are made available for this precise reason. Finances shouldn’t impede any student from taking any course they want in college. There are financial services for aspiring college students, to help them achieve their goals.
Easy Application
Students can apply online or simply call to apply for a loan. Filling out loan documents can also be done online or mailed directly. After you accept your loan terms, you’re good to go! If you have a cosigner (i.e. the person who accepts the responsibility for your loan repayment), you have greater chances of being approved.
Wide Coverage
Student Loans covers up to 100% of your cost of attendance. This includes your tuition fees, books and supplies, transportation, room and board, and even personal expenses! The cost of attendance will be determined by your school.
Competitive Rates
Varying interest rates can be an area of concern for students. There are variable rates for as low as 3.25% APR (Annual Percentage Rate). APR is basically the annual interest rate charged for a loan that may include other charges such as origination fees, late-payment charges, and other interest terms inclusive to the loan, aside from low interest rates. For the most part, you can refinance student loans which will consolidate everything into one manageable monthly payment.
Flexible Terms
Student loans for college students need to be as flexible as possible because most of them are beginners in this arena. Repayment period and payment deferment while in school are two crucial aspects of student loans. Ensure your loan has a grace period of six months after enrollment before paying and that they also give 15 years repayment period.
Graduation Reward
Aside from receiving your college diploma, you deserve an additional reward for the efforts you exerted to finish your degree. Some institutions will give you a 2% graduation reward which is calculated by multiplying the outstanding principal balance of your loan (on the last day of your graduation month) by 2%. You can choose to redeem your reward via electronic transfer to your bank account or as a form of credit to your student loan balance.
Auto Debit Reward
Paying for your loans can be easier when you opt for auto debit from your bank account. You don’t need to worry about payment deadlines because they are automatically deducted from your account. Sometimes you may even be rewarded for that! Your repayment interest rate will be reduced by 0.25% when you auto debit your loan. The reduced interest rate will not be directly reflected in your monthly payments but it may reduce the number of payments for your loan and decrease the amount of your last payment.
There are many things you need to consider before getting a student loan. It’s best to seek guidance from loan advisors so you can decide wisely on the loan that suits your needs. Don’t allow finances to hinder you from going to college, avail of student loans and turn your dream into a reality.
For more information on student loans visit http://studentaid.ed.gov/sa.
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