Help I Need A Student Loan

Well even if you have little credit or no credit rating at
all, you can still get a student loan. Student loans are a
good way to build credit as well, so once you obtain one,
be sure to repay it.

Student loans for those with little or no credit are
government-backed loans or loans offered through your
university. One such option is the Stafford loan. When the
student borrows these loans, most lenders do not look at
the student's credit history. You can apply for a Perkins
loan as well, which also does not look at your credit
history. The government supplies the money for this type of
loan, but it is reserved those who are most in need, so
this option is not available for everyone.

Federal student loans are based on both income and
availability. What happens if you can't afford college yet
don't qualify? An alternative choice for you or your
parents is a private student loan. These are loans done
through private lenders instead of the government. The
advantage of these types of direct student loans is that
they have many of the same kinds of benefits as federal
loans. These loans can be used for any and all college
expenses. Things like tuition, books, supplies, computers,
and living expenses are all things that qualify for private
student loan funds. These loans are unsecured, meaning that
no collateral is needed. The loans are credit-based
instead. This can mean that you might need a co-signer if
you have not established a credit history.

A private education loan is usually a low-interest loan.
The money can be delivered in as little as five days, and
the money is given to you instead of the school. You are
then responsible for paying for their various educational
expenses. Once you graduate and find a job, the reality of
paying back your student loans hits. Below are some steps
you can take to help keep the payments from causing you
heartache.

The first rule is to stick to a payment plan. Set aside a
certain amount every month for your loan payment. Making a
larger payment than required each month can help you pay
back the loan sooner, thereby saving you a great deal of
money on interest. If you think you may forget, set it so
the payment is electronically transferred each month. If
you're simply can't come up with your monthly payment,
there are options. Since your salary is only going to grow
as you climb the corporate ladder, you can schedule
graduated repayment plans with your lender. You start with
a low monthly payment that will gradually get larger over
the term of your loan.

If you're absolutely out of options, you might be able to
temporarily suspend your payments. If you lose your job or
go back to school for an advanced degree, you can request a
deferment of your loan payments. If your request is granted
and you have a Stafford loan, the government will actually
take care of the interest that accrues during your
deferment. If you can't get a deferment, try forbearance.
You can suspend payments for up to a year, though you'll
still be responsible for the built up interest.

This kind of loan has other advantages similar to federal
loans. The interest and principal payments can be deferred
until you graduate from school. For most of these loans,
you are required to be attending school at least halftime
for the deferral of payments and interest.

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