5 Ways To Get A College Student Loan Without Breaking The Bank
So, you are thinking about getting a student loan and this is great! But, there are several things that you must understand before you get a student loan.
Getting a student loan is a big deal and you have to be careful while choosing the right lender. As you are aware that college is expensive, and to complete your degree and become successful you need a large amount of money, but the problem is that it is not easy to get a loan of this type.
There are a number of reasons why getting a student loan is not an easy task.
The first reason is that you cannot apply for the student loans and you don’t have any previous credit history.
If you have not completed your graduation and you don’t have any credit record then there are no chances that you will be able to get the loan. You can get the loan only if you are in the list of the students who are taking education in a specific country. And for this reason, you should start the process at the earliest.
Another reason is that the interest rates on student loans are high. The average rate of student loans is approximately 10% per year. In comparison, the interest rate for the car loans is around 4% and credit card is around 7% – 8%.
Even if you have the right qualifications and you meet the requirements for the loan, you will not be able to get the loan. You will have to pay the processing fee of the loan amount, which is around 1.6% to 2% of the loan. You should know that this will increase the total cost of the loan.
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If you want to avoid paying the fees, then you will have to borrow the required amount from a bank that will help you without charging any additional fees.
So, you should be aware of all the things before applying for the student loans. There are many options available to you, and you need to choose the one that suits you.
But, if you want to get a low rate student loan and you want to save a lot of money then you can go for the personal loans. Personal loans are the best way to get a cheap student loan. The best thing about these loans is that you don’t have to pay anything upfront. You only pay the amount that you borrowed for the tuition fees.
You can get a personal loan by searching on the internet and the lenders will provide you the best deal for your student loan. You just have to check the rates and the fees and you will have the best deal for the loan.
It is easy to get a student loan without any financial problems. You can even get the same if you are living in the United Kingdom.
If you are from the UK and you are willing to get a student loan then you should get it from the student loan company.
To be clear let us understand the different types of student loans:
now we see
1) Federal Loans:
This is the best kind of student loan and you can get it without any guarantor. However, it is not easy to get it and the chances are that it will take a lot of effort and time. The amount you will receive depends upon your loan eligibility and financial needs.
2) Direct Loans:
It is another type of loan and in this case you have to find a guarantor. The amount you will get depends upon your eligibility. Your loan will have a fixed interest rate and you will get it for a definite period. If you get this type of loan you will not have to pay any service charges and processing fees.
3) Private Loans:
The amount you will get depends upon your financial status and the loan terms are also flexible. In this case you will have to take the loan from a private lender. You will have to pay a high amount of processing fees.
So, in conclusion, these are the 5 ways to get a college student loan without breaking the bank. These 5 tips will help you to get a loan without any hassle.