Student Loan Assistance

If your income, scholarships and grants don’t cover the costs you incur in college, you may consider applying for student loan assistance. Student loans can provide you with additional funding to pay for tuition, books and various other educational expenses.

Types of Student Loans

You may apply for either a federal or private student loan. Federal student loans are offered through the U.S. Department of Education and do not require a credit check. You must fill out an application for financial aid before your student loan eligibility can be assessed. The government offers both subsidized and unsubsidized loans, depending on need. Federal student loans are renewable.

You may also apply for private student loans through a private lender. Private student loans require you to demonstrate a good credit history and enough income to repay the loan. If you apply for a private student loan, you may need a cosigner. Private student loans often carry higher interest rates than federal student loans.

Things to Consider before Applying

Unlike scholarships and grants, student loans must be repaid. Depending on the terms of your loan, you may not need to begin repaying your loan until after you graduate, or you may need to begin making monthly payments immediately. It’s crucial to evaluate the different student loan options available to you to find the program that best suits your needs.

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