Not every college student is capable of financing his tertiary education. Each year, thousands of parents and college students themselves apply for a student loan. In fact, many complete their college and enter the working force still with remaining loan debt.
Data from the American Student Assistance (ASA) showed that of the nearly 20 million Americans that attend college every year, 60 percent or almost 12 million borrow annually to help cover the cost of their education. Currently, it is estimated that 37 million student loan borrowers still have outstanding loans.
In the U.S., there are various types of student loans available with each having its own specific rules and features. These include the Stafford, Perkins and PLUS loans. Learning about each of them can help you find the best one that fits your needs.
Knowing your credit score and ensuring that all details are accurate is another vital step before the application process. The credit score is an important determining factor in the type and amount of loan a student can avail of although there are certain loans that do not require this. [Read more…]