There are three different kinds of federal student loans issued by the federal government that are available to students attending college in Maryland. The loans available are Parent PLUS loans, Stafford loans 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 aimed toward parents of undergraduate students. With a Maryland college student loan, parents can borrow up to 100% of their son or daughter's tuition. Third, private student loans are unsecured loan, credit-based loans available to Maryland students.
When it comes to getting a education loan to pay for college, private student loans offer many advantages. For instance, many private student loan options in Maryland don't require you to start making payments until you have graduated. Other private student loan programs require that you start making payments on the loan right away. With a few private student loan programs, you may make interest-only payments while you are still in school. This allows you to pay down the interest on your Maryland student loans as quickly as possible and save money.
Before you apply for a private student loan, make sure you've taken advantage of federal financial aid and free-money options first. Because Maryland private student loans are more expensive than federal student loans, you need to make sure you've taken advantage of all your low-cost federal student loan options first. A private student loan should typically be your last funding resort once you have exhausted all other funding sources. Call our associates for additional information about student loans in Maryland.
Because Maryland private student loans have higher interest levels than other types of loans, students should seriously consider more affordable student loan options. More affordable education loan options include Perkins loans, Stafford loans, Grad PLUS loans and Parent PLUS loans. As a college student, it is smart to explore financial aid options in Maryland that are affordable and have low interest rates. Contact our representatives to learn more about student loans in Maryland.
Student are required to fill out and submit an online FAFSA in order to be considered to receive federal aid in Maryland. Once you submit the FAFSA, you'll be considered for federal student loans, work study and college grants. The Department of Education sets the eligibility guidelines for student loans in Maryland. The government takes into consideration factors including assets, family expenses, income, and the number of family members when determing your financial need. Call our helpful representatives for more information.