An extra added advantage of low interest student loans is the sponsored aspect of several federal student loans. If you have a Stafford Loan or Perkins Loan, you could well have your interest paid by the federal government while you are in school and even around nine months after you graduate.
We’ve definitely founded that the main form of low interest student loan is a federal loan. Due to this, we will concentrate on the types of federal loans that provide really low interest rates and other benefits to students battling to fund their education.
There are 2 main types of low interest loans
- A Federal Perkins Loan is another form of federal loan that gives many selections for borrowers.
- A Stafford student loan is a form of low interest loan that helps students with little to no credit to afford college.
Do you know learn how to benefit from these low interest student loans ?
The path to financial aid success begins with the FAFSA. If you want to secure a federal loan of some form—or even more preferably, a grant—then you need to have your FAFSA handed in by March 2 of the year you prepare to start attending school in the fall. As soon as your FAFSA is processed, you will receive a Student Aid Report or SAR, setting out how much money you are predicted to contribute to your education financially. Several weeks after that, an award letter should arrive in the mail detailing what kinds of financial aid you have qualified for and how much money you can or will receive. You will have to return this award letter showing what financial aid you are accepting.
From that moment, you will need to stick with the specific directions for securing the kind of low interest loan you’ve been honored. A Stafford loan requires you send a promissory note, while a Perkins loan requires you to fill in paperwork and submit it right away to your school, as your college of choice will be the lender.
Regardless of the type of loan you getting, remember using some minutes to consider about the interest rate. Always educate yourself about a potential loan, even when it does provide an enticing low interest rate, before you sign on the dotted line.
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