Understanding student loan types

school loans, college loans, federal student loan consolidation, college loan consolidation, private student loans, college credit debt

Sallie Mae, the nation's leader in education finance, offers just the right combination of student loan options to help you pay for school — all in one place.
Federal student loans

Federal student loans are the largest source of education loans. You and your family can get these loans through private financial institutions such as Sallie Mae.

Federal student loans have more favorable terms than private loans. These loans are guaranteed by the government, and the government sets their low interest rate. Nearly all students are eligible to receive federal student loan money (regardless of credit score or other financial issues), and federal student loans feature a grace period after school when no payments are due.

* Federal Stafford loans
* Federal Perkins loans
* Federal Parent PLUS loans
* Federal Graduate PLUS loans

For graduate and professional students, the Graduate PLUS loan is the best supplement to Stafford loans and should be pursued before a private loan.
Private student loans

After you've pursued free money and federal loans, private student loans may be available to cover the rest of your education costs.

Depending on the lender, private student loan (alternative student loan) terms can vary considerably based on your credit history. Sallie Mae offers the following private student loans:

* Sallie Mae Smart Option Student Loan
* Continuing Education Loan
* Career Training Loan

Loans for international students

International student loans provide financial solutions for the growing population of students pursuing college and university degrees outside their home country.

1 Comment:

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