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How To Pay For College

With your high school coming to end and career education starting, have you ever though about how to pay for college? College education is important if you wish to pursue a great paying career, every successful occupation requires qualified experts. The need for higher education has become greater than ever, and so have the costs of getting this college education. But in this mixed market economy you can find ways to fund your college education through federal programs and private programs. There are many federal loans that have answered the question “how to pay for college” for many students. These loans are funded by the state and are given to all those in need to financial assistance. Most common types of federal loans include the Perkins loan, Stafford loan, and the parent PLUS loan. But in case federal options have not worked out for you, you can always turn towards private banks and lenders. Student now know how to pay for college with the help of private lenders. These loans are beneficial in their own way and are increasing competition in the loan market.

Features of federal loans

  • You must submit a FAFSA application to apply for a federal loan.
  • Interest rates are low as 3.0%
  • No cosigner or credit check is required.
  • The repayment plans can extend over a period of 15 years to keep the payments low as possible.
  • Eligibility criteria is not strict, you must be in need of financial assistance for education.
  • You must provide proof that you are either enrolled in a degree program or are willing to enroll in a college.
  • Students can apply for forbearance if they are unable to pay back the loan.

Features of private loans

  • The amount of money acquired through private loans is usually greater than that of federal loans.
  • You can apply for private loans anytime in the academic year.
  • You must fulfill the eligibility criteria which includes a credit check and a cosigner in most cases.
  • Interest rates are high and repayment plans are not flexible.