If you think higher education is a reliable investment in the future but at the same time you’re running out of financial resources to make a good portfolio of your own, taking out a student loan might be a good solution. Sure there is other way to finance your study at college such as working part time while studying, but if you ever consider taking a loan, student loan is the most “friendly” kind of loan for college students.
Student loan will give you a financial aid during your time at college. Generally, the interest rate is set at a fixed rate. If you take the loan from federal institution, the rate will be relatively lower than any other cost of borrowing. Your loan will only be adjusted for inflation to maintain the real value of the loan. Loans are available up to a maximum of $4000, they vary with the length of the course and are available to both full time and part time students. Student loans are not normally granted to international students. However, in certain circumstances, small loans may be available.
You can apply for the student loan either to federal institutions (eg. Department of Education) or private lenders. The federal loans usually include the benefits and protections. These include:
• Cancellation / loan forgiveness / write off
• Lower and fixed rate
• Repayments should be based on ability to pay rather than repaid in the shortest possible time
The private lenders usually don’t include those benefits above. You have to compare the costs of different ways of financing your education really carefully before even deciding which sources to take because once it’s done there is no turning back.
Every lender has its own procedure and criteria or requirements to be met. Below are common requirements you are likely to be met if you take out a student loan:
• Are currently enrolled
• Are in good academic standing / demonstrate satisfactory progress,
as evidenced by their academic record. This does not apply to commencing students.
• Show proof of income
How about the repayment? Each institution differs from one to another. Some institutions would require you to make a full repayment within a specific period of time according to how much loan you take. Meanwhile, some other institutions will defer the repayment until you’re out of the college and able to earn your own income. In this case, repayments are collected through the tax system and are based on earnings, so you only pay what you can afford.
Student loans can be very helpful if you can manage it.
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