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What Students and Parents MUST Know about Student Loans

A student loan helps you get through college. Then youcome out into a high-paying career. It's a greatinvestment in your (or your sons/daughters) future.

Student loans generally give you a good deal. You getbelow-market interest rates, and you get a $2500 federaltax credit on interest paid over any period of time(previously first 60 months only)

It doesn't matter if the student, or parent takes out theloan; tax deduction remains the same.

* Did you know the federal government has a $50 billionstudent loan program ?

Not surprisingly, the federal government provides thelargest percentage of student loans. Other student loansmay come direct from colleges, private lenders or stategovernments.

One of the key advantages to a federal guaranteed loan isexactly that - it's guaranteed. That means you don't needcollateral. It also means the terms are kinder than atypical lender might offer. Of course, your educationalprogram has to be approved by the government.

Types of student loans

* Federal Stafford Loan - for undergraduate or graduatestudents

A popular and cost-effective source of a student loan.Stafford loans provide low-interest, government guaranteedfunds.

Stafford Loans come in two types, subsidized orunsubsidized. Whether or not you're eligible forsubsidized depends on household income. The school ought toadvise on this.

For subsidized, the government covers the interest right upto start of repayment i.e. they pay interest incurredduring the course, in deferment and during the grace periodbefore repayment begins. If you qualify for subsidized,it's a great deal

For unsubsidized, the student must pay all interestincurred at all times, though they don't start repayinguntil after grace period.

* Federal PLUS Loan - for parents of undergraduates

Parent Loan for Undergraduate Students (PLUS) allowsparents to take a loan on their Childs behalf. They cancontribute to their Childs future, and get a great low-interest loan with continuing future tax relief.

PLUS actually allows parents to borrow the total cost oftheir child's education, minus any grants or otherfinancial aid awarded. All tuition fees, meals, books,transport etc. can be included in the loan.

This really is a great deal, and has no income or assetrequirements. Even poor credit history may be overcome.Repayment is flexible, and can include zero payments for upto 4 years.

Only one drawback to the Federal Stafford and Federal Plusloan - your school must be approved to participate in theseprograms. If your school isn't approved, then you've gotsome other options...

* Banks

Many banks offer unsubsidized Stafford loans. You stillget the money, which you must have to attend college, butrepayment options are more limited. Some deals offer youan interest rate reduction if you make payments on time.

* State Loans

Most states offer guaranteed student loans. Apply directto Banks, who'll administer the State program. It'susually a more expensive way to borrow than Stafford.

* College Board Extra Credit Loan

Administered by your college. Can be expensive, and bestused only in an emergency e.g. your aid is withdrawn.

* Other Loan Sources

A number of other sources may be worth trying if you get aproblem with your first choice lenders. AcademicManagement Services affiliates with approx. 2000 schools.AMS pay your tuition fees if you repay them in less than ayear. College Resource Center also has loans available.

If your parent served in the military, then a military loanshould be investigated.

College can be the experience of a lifetime. A childstarts college as a high school kid, and emerges a fullgrown adult with high-earning potential?

But he or she needs money to survive and thrive in college.This article looked at the main sources of student loanfunding, and those sources should be ideal for moststudents and their parents.

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The right Student Loan makes all the difference to asuccessful college career. Discover important informationon choosing the right student loan, and guaranteeing yourfuture success. Click ==> http://www.college--loans.com/

** Attn Ezine editors / Site Owners **Feel free to reprint this article in its entirety in yourezine or on your site so long as you leave all links inplace, do not modify the content and include my resourcebox as listed above.

If you do use the article please send me a note tojohn@college--loans.com so I can take a look. Thanks.

John Williams graduated from college, after taking a student loan to finance his studies.

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