There are three different kinds of federal student loans issued by the federal government available to students attending college in Colorado. The loans available are Stafford loans, Parent PLUS loans and private student loans. The first loan (Stafford loan) can be taken out under the student's name. This type of loan does not require credit checks or collateral. Parent PLUS loans are specifically designed for the parents of college students and allow parents to borrow up to 100% of their child's academic expenses. Third, private student loans are unsecured loan, credit-based loans available to Colorado students.
There are numerous advantages of getting private student loans to finance your college education. For instance, many private student loan options in Colorado don't require you to start making payments until after you have graduated. Other private student loan plans require that you start paying the loan back right away. Other private loan options allow you to make interest-only payments while still enrolled in classes. This enables you to pay down the interest on your Colorado student loans as soon as possible and save money.
In today's economy, many workers have experienced financial hardship and job loss in Colorado. If you've lost your job, and have an education loan, many student loan programs include deferment and forebearance benefits, allowing you to postpone payments for a pre-determined period of time. Although some lenders allow you to defer your loan payments, others will not, and still other lenders handle forbearance issues on a case by case basis. Contact our associates right now to find college loans in Colorado that'll meet your needs.
You are required to fill out and submit an online FAFSA in order to be considered to receive federal aid in Colorado. After you submit the FAFSA, you will be considered for federal student loans, work study and college grants. The Department of Education determines the eligibility guidelines for student loans in Colorado. The federal government takes into consideration factors including living expenses, assets, income, and the number of members in your family when determing your financial need. Call our friendly associates to find out more.
Since private student loans in Colorado are more expensive than other types of student loans, you should look at additional options for student financial aid. Other low-cost student loan options include Stafford loans, Perkins student loans, Parent PLUS loans and Grad PLUS loans. As a potential college student, it is wise to explore financial aid resources in Colorado that are affordable and have low interest rates. Call our associates to learn more about student loans in Colorado.