A further added advantage of low interest student loans is the backed aspect of numerous federal student loans. If you receive a Stafford Loan or Perkins Loan, you could highly have your interest paid by the government while you are in education and even approximately nine months after you graduate.
We’ve definitely founded that the main form of low interest student loan is a federal loan. Therefore, we will concentrate on the forms of federal loans that offer you really low interest rates and other benefits to students fighting to fund their education.
There are two major types of low interest loans
- A Federal Perkins Loan is another type of federal loan that provides many selections for borrowers.
- A Stafford student loan is a type of low interest loan that enables students with little to no credit to pay for education.
Do you know the right way to take advantage of these low interest student loans ?
The path to educational funding achievement begins with the FAFSA. If you prefer to protected a federal loan of some sort—or even more preferably, a grant—then you must have your FAFSA submitted by March 2 of the year you plan to begin attending school in the fall. After your FAFSA is processed, you will get a Student Aid Report or SAR, setting out the amount of money you are estimated to contribute to your education financially. A couple of weeks after that, an award letter should arrive in the mail detailing what types of financial aid you have qualified for and the amount of money you can or will be given. You will need to return this award letter indicating what financial aid you are accepting.
From that moment, you need to stick with the specific guidance for securing the form of low interest loan you’ve been granted. A Stafford loan needs you submit a promissory note, while a Perkins loan demands you to complete paperwork and send it directly 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 bear in mind about the interest rate. Always become knowledgeable about a potential loan, even though it does have an enticing low interest rate, till you sign on the papers.
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