The federal government offers three different types of federal student loans for STATE_NAME. The loans available are Parent PLUS loans, Stafford loans and private student loans. Stafford loans can be taken out under the student's name. This type of loan does not require credit checks or collateral. Parent PLUS loans are geared toward parents of undergraduate students. With a Minnesota college student loan, parents can borrow as much as 100% of their son or daughter's tuition. Third, private student loans are credit-based, unsecured loans available to Minnesota students.
In Minnesota and other areas of the United States, a Stafford loan is a government subisidized loan for graduate and undergraduate students. The main advantage of a Stafford loan is low fixed interest rates. Interest rates for graduate students are often as low as 6.8 percent. The interest rates for undergraduate level students range between 3.4 and 5.6 percent. Unlike non federal student loans in Minnesota, a Stafford loan doesn't require application fees, collateral, or a high credit rating. Call our representatives today to learn more.
Because Minnesota private student loans have higher interest levels than other types of loans, students should seriously look for more affordable education loan options. Other low-cost student loan options include Perkins student loans, Stafford loans, Parent PLUS loans and Grad PLUS loans. As a college student, you should explore financial aid options in Minnesota that will save you money in the future. Contact our associates for more information about student loans in Minnesota.
There are many advantages of getting private student loans to finance your college education. For instance, many private student loan options in Minnesota let you to defer payments while you are still in school. Other private student loan programs require that you start paying the loan back immediately. With some private student loan programs, you can make interest-only payments while you are still in school. That way, you can pay off the interest on your loan as soon as possible, and save money on your Minnesota student loans in the end.
In order to be considered for student financial aid in Minnesota, you will need to submit a FAFSA (Free Application for Federal Student Aid). After you submit the FAFSA, you'll be considered for grants, work study programs, and federal student loans. The Department of Education determines the eligibility guidelines for student loans in Minnesota. They'll consider several factors such as net assets, income number of family members, and family expenses when determining your financial need. Call our friendly associates to learn more.