A student loan can be any borrowed money to help pay for college tuition either by parents or students. There isn’t just one type of student loan, there are different types with different aspects to consider such as rates and payment schedule.\n\n\n\n
Federal loans and private loans are the two main types of student loans. Here is the crucial difference between a federal loan and a personal loan, a private loan.\n\n\n\n
A federal loan is made by the government and is lower in interest. It can be either a direct subsidized federal loan which can be paid off during the school year if requested or a direct unsubsidized loan, which will allow students to pay their interest when they finish their college degree.\n\n\n\n
These kinds of loans are usually offered for students of low income and in financial need. A private loan is not provided by the government and is generally provided by a private entity at a higher interest rate, and with fewer protections. This will usually require a written agreement or parent to cosigner.\n\n\n\n
There are many other options for students looking to pay for college and not have to worry about taking out a loan straight after college, and those include:\n\n\n\n
This is a free resource for college students known as the Free Application for Federal Student Aid (FAFSA). Once you get accepted or apply to a college online, they will typically ask you whether or not you would like to use FAFSA. It will lead you to answer questions about whether you meet the college’s criteria based on your demographics, immigration status, and household yearly income levels. FAFSA is completely debt-free for all students that apply for it and gets listed as a recipient for FAFSA.\n\n\n\n
It is a tax-advantaged college savings plan brought to you by state and local governments or educational institutions. It is where parents have the option to pre-pay for their children’s college tuition plan starting at the year they were born. There are different options according to each parent’s situation, they can pay a monthly fee of up to $300 per month. The great thing about this plan is that it is tax-free.\n","protected":false},"excerpt":{"rendered":"
A student loan can be any borrowed money to help pay for college tuition either by parents or students. There isn’t just one type of student loan, there are different types with different aspects to consider such as rates and payment schedule. Federal loans and private loans are the two main types of student loans. […]\n","protected":false},"author":1,"featured_media":120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/posts\/119"}],"collection":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/comments?post=119"}],"version-history":[{"count":0,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/posts\/119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/media\/120"}],"wp:attachment":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/media?parent=119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/categories?post=119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/tags?post=119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}