College students will want to exhaust all of their financial aid and college scholarship resources before applying for private student loans to finance their education. Since private student loans in Illinois are typically more costly than federal student loans, you need to make sure you've taken advantage of all of your low-cost federal student loan options first. A private student loan should typically be your last resort when you have exhausted other funding sources. Contact our representatives for more information about student loans in Illinois.
The federal government offers three different kinds of federal student loans for Illinois students. These loans are the Parent PLUS loan, Stafford loan and private student loans. Stafford loans are issued directly to the student and doesn't require collateral or take credit scores into consideration. Parent PLUS loans are specifically designed for the parents of college students and enable parents to borrow up to 100 percent of their child's educational expenses. Third, private student loans are unsecured loan, credit-based loans available to Illinois students.
Federal student loans are low-interest loans that you don't need to pay back until after you graduate from college in Illinois. When you submit a Free Application for Federal Student Aid (FAFSA), the Department of Education generates a student aid report that includes the types of federal loans for which you qualify in Illinois. You are required to have a certain level of financial need to be eligible for federal loans The federal government determines your financial need by examining the income of both you and your parents if you're considered a dependent.
There are numerous benefits of getting private student loans to finance your education. For instance, many private student loan programs in Illinois don't require you to start making payments until you have graduated. Other loans will require college students to start making payments while they're still in school. With some private student loan programs, you may make interest-only payments while you're still in school. That way, you can pay off the interest on your loan as quickly as possible, and save money on your Illinois student loans in the end.
In today's economy, many workers are experiencing financial hardship and job loss in Illinois. If you've lost your job, and have student loans, many student loan programs include deferment and forebearance benefits, enabling you to postpone payments for a period of time defined by the lender. While some lenders will let you defer your loan payments, others don't, and still other lenders handle forbearance issues on an individual basis. Contact our associates today to locate college loans in Illinois that'll meet your needs.