Student Loans for Minorities

Unlike traditional student loans that require the borrower to pay back the lender for the use of their funds, minorities may have the opportunity to receive certain government grants that do not require any repayment to be made. The money from the grant must be used solely for the minority’s secondary education needs, in order to qualify.

Student Loans

A traditional student loan requires the borrower to have a co-signer if they have little or no established credit. There is federal student loan money available, depending on the needs of the borrower. Stafford and Perkins loans are two examples of federal student loans.

Private student loans are also a source that a student can use for their college financing, if they do not qualify for any of the federal aid programs. Most of these loans do not require repayment to begin until after the student has graduated from college.

Government Grants for Minorities

With a government grant, a minority student does not need a co-signer. The student requests the grant money, and if they are approved they will receive the grant. The size of the grant is based on each individual student’s need. A Pell Grant is an example of one of these government programs.

 


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