Most popular student loans for college | 01.27.11

Not everyone is aware of all the loan options available to pay for college. Here are just a few to consider:

1) Federal Stafford Loans – These are federally guaranteed student loans. You can apply for subsidized Stafford loans and the government will pay the interest for you while you are enrolled. This is a great option for students and the most popular loan program available.

2) Parent PLUS Loans – The Parent Loan for Undergraduate Students allows parents to borrow through the federal loan program to pay for their child’s education. The loan is in the parent’s name.

3) Private Student Loans – Private college loans are not sponsored by the government but offer an alternative sources of funds for those that may not qualify for federal aid or who need additional funds. Private school loans are often in the students name with the parent acting as a cosigner.

4) Perkins Loan – Perkins loans are another federal loan for low income students based on eligibility. These loan funds are limited so apply early.

5) Credit Cards – Believe it or not, approximately 30% of students/parents put a portion of the tuition bill on their credit card. While we don’t recommend this option, it is a reality. Once you graduate, consider consolidating your student loans to lower your monthly payment. The downside is you will pay more interest over the life of the loan by extending your repayment period. For additional resources, visit: www.studentloans.com, www.collegeloansolutions.com and www.gradloans.com.


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3 Responses to “Most popular student loans for college”

  1. Christopher Sallis says on August 23, 2012 at 4:21 pm:

    Hello, my name is Christopher Sallis, I have been accepted to attend Full Sail University, in Winter Park, Fl. I have applied for many scholarship and seek additional scholarship for my housing and tuition. I just complete my study a Cass Job Corp in Ozark, AR and will began classes on September 24, 2012. I write for additional scholarship award to complete my study at Full Sail University. CAN YOU, WILL YOU HELP ME?

    Reply To This Comment
  2. yaumil says on February 17, 2011 at 8:45 am:

    Is there the same opportunity for the college student from another country?

    Reply To This Comment
    • Student Loan Guru says on February 22, 2011 at 1:13 pm:

      @Yaumil- For any federal loans, you must be a U.S. citizen or permanent resident in order to qualify. For private loans, foreign students are considered providing they have a cosigner who is a U.S. citizen.

      Reply To This Comment

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