Types of College Tuition Loans
There are two types of college tuition loans you may want to consider -- private and federal. While a private loan is provided by a lending company, bank or credit union, a federal loan is provided by the U.S. Department of Education. There are both benefits and drawbacks associated with both types of loans. For example, private loans may have higher interest rates than federal loans, and they are subject to credit and income requirements. However, private loans are also less restrictive than most federally provided student loans. They can be used to pay for everything from tuition and textbooks to student living expenses like rent and food.
When it comes to government loans for education, there are several different kinds. The Stafford Loan is the most popular type of federal student loan. Subsidized Stafford Loans are provided on the basis of need. The interest rates on these loans are low and while the student is in college or on a deferment plan the government pays the loan interest. Unsubsidized Stafford Loans are not based on student need, and the interest is the responsibility of the borrower. Like Subsidized Stafford Loans, this type of loan has a low interest rate.
Another type of federal loan is called the Federal Perkins Loan. This loan is for students in serious need and the interest rates are accordingly low. However, the amount of money loaned is restricted therefore a Perkins Loan is unlikely to cover all expenses. It may be used in conjunction with other types of funding like the Stafford Loan or even a private loan. For parents of students there is the Federal Plus Loan.
The Federal Plus Loan can be obtained by parents with children who are full or half-time college students in an undergraduate program. This type of loan has credit requirements that must be met. Also, the cost of college attendance and the income of the applicant(s) will be considered. Repayment of a Federal Plus Loan starts within 90 days of graduation or full disbursement of the funds. Different types of college tuition loans may be necessary in order to pay for all the costs associated with higher education. If multiple loans are obtained refinancing or consolidation may be an option if payments become unmanageable.
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