SimpleTuition: Find the best student loans from 100s of banks on the market today. Let them compete for you!
If you’re in the market to find a student loan, I first want to discuss the different types of loans that are out there. This way, you should be able to better understand how they work, and how you can take advantage of one as quick as today.
Types of student loans
- Federal Stafford Loans: These are the loans that are regulated by the United States government. These loans can be acquired by either a bank, a local credit union, or sometimes you can get them directly from the government. You can choose between a subsidized federal loan, unsubsidized, or unsubsidized Stafford loan.
- Federal Plus Loans: These are available to parents only that have children who are already attending college as a full, or part time student. These loans are based on your credit score, as well as your attendance in college.
- Federal Perkins Loans: These are loans that are awarded to students that are in desperate needs of financial needs. These generally have very low interest rates, and only a select few students can qualify for them.
How can I get a student loan?
#1: You’ll want to look over your credit history, and know how much you’re going to borrow. Are you going to need to have your parents, or someone else co-sign for you? This is all going to depend on how much you’re going to need toward your tuition.
#2: Compare rates with services such as SimpleTuition. They do the dirty work for you. Input what you want, and see what comes up. What you’ll want to do from there is pick out a bank that looks good for you.
#3: Apply for the loan, and wait. Depending on what bank you apply with, will depend on how long you’re going to have to wait. Some will only take a few days, while others take a few weeks. It’s important that you’re patient during this time, and you apply as early as possible!
It’s essential that you wait, and apply for financial aid as well. There are other ways to get financial assistance for college. If you’d like, refer to an older post I wrote about on how you can attend college for free.
