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Life will teach us to face the challenges thrown our way. While our hardships may differ on the situation and gravity, the most important thing is that we learn and emerge to be victorious in all the decisions that we make.
Education will not only teach us the most valued lessons to excel in our chosen field but also to mold us to be the best persons we can be. Sometimes when we are exposed to life situation when we cannot finish our education, we look for alternative ways to pursue our college diploma.
Ways to provide and find sources to pay for university fees may seem endless but options to gain long term and reliable effect may be narrowed down only into one - student loan. By saying so, student loan is the borrowed amount of money to cover your university fees and daily living expenses such as travel expenses, food and shelter.
You can choose from two types of student loans. Private loan is delivered by the private sectors' financing companies owned by business owners through their funding agencies and foundations.
However, private loans have quite a little drawback. It will conduct credit check and will explore into your credit history. If your credit history is good, there's nothing to worry because the company will only have to ask for document to authenticate the legality of your credit history. However, if you have meager or no credit history at all, the financing company will have to request for you to present a cosigner that will be your partner when debt repayment takes place. This is only to assure the financing company that debt repayment will not fail. The worst can happen when two or more financing companies have turned down your student financial loan application. It only means that your credit history is bad enough that it gave them an impression that debt repayment will eventually fail. On the other side of the coin, this will spare your from legal and bigger financial trouble.
Fret no more because another student loan will come to save you. This second type of loan is called federal student loan. Financed and delivered by the government to replenish your financial capacity to cater your university fees. Federal student loan does not require a credit check or probe into credit history.
There are two types of federal student loan that may fit any of your academic needs. Federal Stafford loan and federal Perkins loan. The former will cater to any student of form, shape and financial capacity. A potential borrower is given a maximum amount of $20, 500 of loan yearly. This will also gain a ceiling of 4.5% interest rate per year. Best thing about this loan is that debt repayment will happen only up to 6 months of graduation.
The latter is a type of loan presented to students with special needs and great financial necessities. The interest is fixed at 5% yearly and features a flexible repayment options.
Interest rates, payment options, incentives and origination fees are few of the many things to consider by the potential borrower when aspiring applying for loans.
