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Regardless of what you’re planning to study, college is the most exciting time in a young person’s life. But whether you’re looking forward to rush week or the science lab, your first order of business in the college application process should be to compare student loans. Once you’ve exhausted financial aid and grant opportunities, then it’s time to look into the best student loan options to meet your needs.
Here’s a look at some alternatives to keep in mind:
Federal Loans: When you begin to compare student loans, federal loans will most likely be your first stop. Administered by the US Department of Education, these loans are divided into Stafford Loans (for students) and Plus loans (for Parents).
Private Student Loans: Private education loans are often a good option when a student has already tapped into their federal loan and grant opportunities, and still need to bridge the gap to the final cost of their schooling. As you compare student loans, don’t dismiss private loans until you’re completely sure you won’t need them.
Graduate Loans: Graduate and professional students can now borrow under the PLUS loan program. If you are working on furthering your education, this may be the best student loan for your personal needs.
|Jennifer Mathes, Ph.D.|