Education Loans - Everything You Need to Know about Student Loans

Education loans are a real bargain, especially given that the cost of going to college for four years is almost as high as the cost of a new car or half of the market value of a new home. Don't think, though, that education loans are just for high-end super-achievers. There are a variety of sources from which to acquire a loan for education. Here are four main sources from which you can obtain a college loan.

FEDERAL LOANS

There are two kinds; Need-Based (like the Stafford Loan, with affordable, low interest rates, deductions, and discounts) and Non-Need-Based (like the Federal Plus Loan, a loan for parents with undergraduate student children, with borrowing allowances up to 100% of the total college costs, with discounts, and with tax-deductible features) which are probably the most affordable education loans.

I promote the benefits of government student loans simply because I've seen hundreds of needy students benefit: many students have been granted monies for finishing college; students with elderly or aging parents have been awarded loans to continue their studies; and students who are on their own have been granted government money that helped them get through the toughest of college programs when money was a real issue that might otherwise have distracted them.

PRIVATE LOANS

Are student loans for students going to private k-12 schools or private colleges. These loans can take the place of or supplement federal aid. And with deferred interest while students are still in school, budget-friendly repayment options, and a smooth application process, private education loans make for a viable option.

CONSOLIDATION LOANS

Are those loans which are available after college: they help the borrower/graduate reduce payments on education loans by enabling him/her to combine all of their educational loans together using one loan institution. These loans are even for people who have already consolidated at some point, and some loan sources enable the borrower to refinance their loan bundle at lower current and affordable rate. So make sure you ask! Once you've worked out the numbers, percentages, statistics and requirements, even when you've researched all of the education loans, ask as many questions as you need before you sign on the dotted line. And while you’re filling out forms, it's also a good idea to start filling out scholarship applications, too!

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Federal Family Education Loan (FFEL) program - New Law - Saves $11 billion for students by slashing the student loan interest rate from 8.25% to 7.46%. The new law extends for 5 years this low interest rate on education loans, available on a temporary basis since July 1.

Education Loans - GEARUP MD Parents
The company currently owns or manages student loans for more than seven million borrowers and is the nation's leading provider of education loans.