Saturday, May 1, 2010

Understanding student loan types


Overview

A college education may be the most important investment in a child's life and has become one of the most costly, too. The publicly reported tuition charged by private colleges and universities for can reach $50,000 or more a year. The trends are alarming, too. And while tuition at public universities is generally lower, costs there have been growing even more steeply in recent years as government support has lagged.



Understanding student loan types

Federal student loans

Federal student loans are the largest source of education loans. You and your family can get these loans through private financial institutions such as Sallie Mae.

Federal student loans have more favorable terms than private loans. These loans are guaranteed by the government, and the government sets their low interest rate. Nearly all students are eligible to receive federal student loan money (regardless of credit score or other financial issues), and federal student loans feature a grace period after school when no payments are due.

Private student loans

After you've pursued free money and federal loans, a private student loan may be available to cover the rest of your education costs.

Depending on the lender, private student loan (alternative student loan) terms can vary considerably based on your credit history. Sallie Mae offers the following private student loan



Loans for international students

International student loans provide financial solutions for the growing population of students pursuing college and university degrees outside their home country.

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