Did you know that lower percentage of interest rates of loans means lower paybacks as well? Today various high school students are unable to study further because they cannot afford the same. Student loans are a boon at times and what are better are lower interest rates.
Low interest rate loans
So where can we get lower interest rates? While I am studying in the University of California is Berkeley, I did a few researches and found a few institutions, which offers student loans to students at quite a low interest rate. I am sharing with you some of my experiences. Various kinds of loans are available for students depending on the school, college, education and tenure of education. Private bank loans would require a proper professional but student loans are unlike private loans where students would require a consignee and the application of the school.
The Perkins loan
The Perkins loan is a well-known student’s loan that I came to know of when I was also applying for my student’s loan. This is available to students who have a strong ambition to study but do not have the financial strength and opportunity. This kind of loan has a very low interest rate and is directly repaid to the school itself. 4000 dollars can be borrowed each year and this can be used for undergraduate education.
The maximum amount that can be borrowed at a low interest rate is 20000 dollars. The Perkins loan, which is a low interest student loan, is in great demand and is thus offered after various scrutinizes. It is offered on a first cum first serve basis to those who really have financial requirements. Students who opt for this loan and qualify can also opt for the Federal Pell grants, which are free for deserving students.
The Stafford’s Loan
Another student’s loan that I would request you to try out is the Stafford’s Loan. The government has financed this kind of a loan and students who have no established credit can be eligible to borrow some money in the form of loans for school and college expenses at a very low rate on interest.
They however need to meet the criteria and they also need to prove the government that they are not loan defaulters. You can opt for subsidized and unsubsidized loans as well. If the loan is subsidized, the government pays rest of the interest for the student during the tenure of education.
What you need to opt for a low interest student’s loan
In order to avail a low interest student’s loan, the borrower would need to fill up a free application for the federal students Aid form. These loans are some of the most popular loans that students can avail. These loans offer interest rates at 2 or 3% less other than federal loans. Though these loans are a little difficult to get, they can be easier to repay by students. Do some research before opting for these low interest loans?