Student loans make college more affordable
It is no secret that the cost of earning an associate’s, bachelor’s or master’s degree these days is quite high. However, students should not let tuition stand between them and their academic goals. In addition to scholarships, student loans can be very helpful in making one’s time at a Christian university or college a little more affordable.
A few different types of student loans are available to those with an interest in applying to Christian colleges and universities. As a result, these individuals will want to know a thing or two about what types of options they have in terms of receiving financial assistance. Here are some of the most popular programs available.
Stafford Loans – If students need help covering the cost of tuition than the Federal Stafford Loan Program is definitely something they should consider. While the money individuals receive must be repaid, there are no required payments during the course of their studies.
Furthermore, it is a given that it will take students some time to pay off their loans. As a result, the Stafford program offers extended repayment terms and a low fixed interest rate that is currently at 3.4 percent.
Perkins Loan – Approximately 1,700 different colleges and universities participate in the Federal Perkins Loan Program. Students who wish to enter undergraduate or graduate tracks may be able to take advantage of this option, but the amount of money they receive is ultimately determined by their school’s financial aid office.
Currently, undergraduates can receive a maximum amount of $5,500 per year, while graduate students may be eligible for up to $8,000 per year.
Direct PLUS Loans for Parents – This may not be an option for everybody, but it can definitely help if students need a little more funding to cover the cost of their education. In order for parents to be eligible for this form of loan, they must have a good credit history and their son or daughter has to be under the age of 24.
Private Loans – One way of getting additional money to combine with the funding coming from students’ Stafford or Perkins loans is to seek assistance from a private lender. However, it may be difficult to secure one of these loans if individuals do not have the best credit scores.