Get the Funds You Need for Summer School | 05.14.09

Posted in Financial Aid, Private Student Loans By Student Loan Network Staff

The third semester, better known as summer school, has seen an increase in student attendance in recent years. That’s really not surprising when you consider each graduating class has been bigger than the last. The U.S. population is now over 304 million, up from 273 million just a decade ago.

With enrollment on the upswing and the same amount of seats available in the classroom students have been turning toward summer school more and more to fill the gap when classes have been filled to capacity during the fall and spring semesters.

Of course because the academic period for most schools begins in the fall and ends the following summer many have exhausted their federal Stafford loan funds already. The loan periods determine the timing and amount of disbursements. In this case the fall and spring semesters would have disbursements, assuming the student was enrolled both semesters, which most are.

The next best option, after you’ve exhausted your federal loan funds, is a private student loan. Private student loans are popular these days because of the low interest rates that many enjoy. Banks use two main indexes to determine a borrowers interest rate, LIBOR and Prime. Regardless of the index used the interest rate is low across the board at this time to encourage consumers to borrow. That means you and I are the winners.

Additional note: Private student loans are in a students name and do require a credit worthy co-signer.

To enter for a chance to win a monthly scholarship ranging from $500 to $10,000 (click here).

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