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Loan Options for Undergraduate Students

Education is vitally important in today’s job market. Don’t let lack of funds stop you from investing in your future. There are numerous loan options available to undergraduate students whether from the federal government or the private sector.

After you have exhausted any possible scholarships and grants it is likely you or your parents will need to find a student loan to cover tuition costs. There are countless options out there and spending the time to research your options could save you thousands after graduation. Federal loans are always the best place to start as they offer lower interest rates and more flexibility in repayment options. The federal undergraduate Stafford loan is a government guaranteed, no collateral, simple interest loan. They offer unsubsidized or subsidized loans. With the subsidized loan the government will cover the interest that accrues until graduation. There is also a loan available to parents of college students called the “Federal PLUS Loan.” This loan is subject to credit requirements but does not require collateral. This type of loan requires repayment 30 days after the money is dispersed. Utilize the tools available to you through your campus financial aid office and the internet to make the right choice for you. Using private companies can be a smart decision as well depending on your credit situation. Parents can also look at home equity loans for their children’s tuition and expenses. In some situations the tax savings can save them quite a bit of money.

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