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Student Loan Center - A Student Loan Center that Works - Stafford loans, Private loans, Specialized private loans

students college government subsidized

Finding the best loans to help with college expenses can be a big job, but a student loan center may provide the perfect answer. Many lenders offer a student loan center, which can help students locate the right loan for them. Loans can range from unsecured personal loans to secured loans using a vehicle as collateral. However, one thing students should remember is that the loans offered through a commercial student loan center are not the subsidized government loans. Students who are interested in government loans for their college education should go through the financial aid office of their school. A financial aid office is often called a student loan center.

Stafford loans

Students who are looking for loans to pay for college should always start with federal aid, which is comprised largely of Stafford loans. The process begins with filling out the FAFSA form, which is usually available through the college’s financial aid office or student loan center. Stafford loans are usually the most inexpensive way to pay for college because the interest rate can be less than 5 percent. Most private loans will be 10 percent or higher, depending on the student’s credit history. However, Stafford loans are available to students based on their need for college funds and not their credit rating. Students do not have to make payments on these loans while they are in school, and they can be either subsidized or unsubsidized. The interest on subsidized loans is paid by the federal government, while students pick up the interest on unsubsidized loans, which do tend to offer larger amounts than subsidized loans.

Private loans

Many students find that the subsidized loans they are eligible for through the government student loan center are not enough to cover all of their expenses for school. At this point, students generally begin looking for a commercial student loan center to cover the difference between what the subsidized loan covered and what is left. A commercial student loan center is different than a financial aid office because the loans are not subsidized and are given out by a commercial lending institution rather than the government. There are many different types of private loans, and students should make sure that they research every loan carefully before they sign on the dotted line. Some lenders have undergraduate private loans available, which are perfect for students who have large gaps they need to fill in between their government loans and the money they owe for school-related expenses. Many private loans that are meant to pay for education can take up to 15 years to pay off, and payments can also be deferred until six months after the student graduates from college, much like the government student loans.

Specialized private loans

Students may also find a commercial student loan center that offers specialized private loans that are meant for students and professionals who expect to spend a long time in college. Some examples of these specialized loans include those for health care professionals, lawyers, and graduate students of any area. Students generally have to be enrolled in at least half time to qualify for these specialized private loans, which can be challenging because often these students are already working full time within their chosen field. Interest rates on these specialized loans are along the lines of other private loans, ranging from 10 percent up.

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