How to Obtain a Super Low Interest Rate in a Student Loan the Easy Way
Like tuition, books, computer, internet, gas, food etc.
, all these things can be pretty expensive.
Obtaining a student loan is good but a low interest student loan is even better.
When deciding to attend college one of the most important things to consider is how much money in loans you will have to take out to pay for your education.
Student loan interest varies greatly on the program and the lender you choose.
With excellent credit borrowers can obtain a lower interest in their loan.
The benefits of obtaining a low interest student loan are many.
- A lower interest rate means many good things one of them is lower payments.
When you send your payment most of your hard earned money will go directly to pay your loan not the interest.
- Another one is the extra money that you will have in your pocket! So who has the lowest rates?? The US department of education has one of the best rates available to borrowers.
- Another added benefit of low interest student loans is the subsidized aspect of many federal student loans.
If you obtain a Stafford Loan or Perkins Loan, your interest will be paid by the government while you are attending school and even some times up to 9 months after you graduate from school.
The interest rate of a Stafford loan goes from 3.
4% to 6% and it will never exceed 8.
Another added benefit is that you can get a Stafford loan subsidized, which means that the US department of education will pay for your accrued interest while you are in school.
A Federal Perkins Loan is another form of federal loan that provides many options for borrowers.
However, in order to qualify for this loan you need to show exceptional need.
In fact, most that qualify also qualify for the Federal Pell Grant another form of financial aid that requires exceptional needs to be eligible.
The Perkins Loan also has the largest grace period of all the loans.
Thanks to the US department of education people with exceptional needs and low income can afford to pay for school.
Stafford and Perkins loans have the lowest interest rates when compared to other loans.
Applying for these loans is pretty easy all you have to do is visit FAFSA online.
Now if you do not qualify for these loans do not worry there are many other credit companies that will be willing to loan you money for school and still have low interests all you have to do is look.