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How to Get A Student Loan

Although college education is quite expensive but it is integral for achieving competitive jobs with decent pays. Hence, many students want to know more about how do I get a student loan. How to get a student loan for college is no rocket science. First, you need to understand that there are two broad types of student loans: federal loans and private loans.
Private Loans

Private loans are the other avenue of approach for students worried about how to get student loans. Remember that this should be your last resort as interests on private loans are generally higher than federal loans. The way to go about to get a private student loan is not that difficult; first, find out whether the university you’re enrolled in has school channel loans.

School channel loans are loan programs arranged as collaborations between colleges and financial organizations. If not, then don’t be disheartened as there are other options available in how to get a private student loan; there are several private financial organizations that specialize in direct-to-consumer private loans, so you can contact them, compare the various possibilities, and choose the one that fits your need the best.

Federal Loans

Federal loans, as the name implies, are loan programs financed by the federal government. The two loans that are very popular among college going students are the Perkins Loan and the Stafford Loan. Students concerned about how to get a student loan should fill up the Free Application for Federal Student Aid (FAFSA) and submit it online. This is the first step for being considered for federal aid, both grants and loans.

Perkins Loan is the one with the biggest benefits: 9 months grace period and 5% interest; moreover, the interest on the loan during the student’s education and grace period is paid by the government. This loan is granted to students who display extreme financial need in their FAFSA. The next in line is the Stafford Loan with two categories. One category is subsidized like the Perkins Loan and is given to students with need. The other unsubsidized category is given to students irrespective of financial need depending on the funds allotted to the university/college.

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