The dream of any student is to get a degree from these institutions. But how can a student from a middle class household afford to study there? To make their dreams come true the government disburses a number of scholarships and financial aid.
The University Financial Aid is there for the deserving candidates. In order to be considered for these, you need to apply beforehand. The University Financial Aid is of two types – Private and Federal. The Federal loan systems are of two types – PLUS is a parental loan scheme for an undergraduate student and FAFSA provides aids to eligible and deserving candidates.
In order to apply you need to fill a form and provide information as accurate as possible. The Federal loans have very low interest so you need not worry about paying it back.
Private Loans, as the name suggests, are not run by government and hence a bit expensive. These are available to both undergraduate and postgraduate students but the chances of getting them are wee bit difficult. You will be asked to submit a credit card review and also get a recommendation from former borrowers.
Please remember that you need to consider the rate of interest before applying for any loan. There is no wisdom in getting burdened by high interests. Always choose a loan that has very low interest rates. You can obviously work part time and start paying off the loans. There is no need to wait for your graduation. Always thoroughly research all the loan options and then wisely choose a type of loan.
What can be inferred from the above discussion is that it will be very difficult for a student from an average family to get a Private loan. The Federal Loan is the best option for him as repayment terms will be student friendly and the rate of interest too is not exorbitantly high. So the student must apply for the Federal Loans in a proper manner so that the loan gets sanctioned in his name.