There are numerous advantages of getting private student loans to finance your college education. For instance, many private student loan options in Missouri allow you to to delay payments while you're still in school. Other private student loan plans require that you start making payments on the loan immediately. Other private loan options allow you to make interest-only payments while still signed up for classes. That way, you can pay down the interest on your loan as soon as possible, and save money on your Missouri student loans in the long run.
In Missouri and other areas of the United States, a Stafford loan is a government subisidized loan for undergraduate and graduate students. Stafford loans are very affordable because they have low interest rates that are fixed. Interest rates for graduate students are often as low as 6.8 percent. Student loan rates for undergraduate level students range between 3.4 and 5.6 percent. Unlike non federal student loans in Missouri, a Stafford loan doesn't require application fees, collateral, or credit checks. Contact our representatives today for more information.
There are three different types of federal student loans issued by the federal government that are available to students attending college in Missouri. They are the Federal Stafford Loan, Federal Parent PLUS Loan, and private student loans. Stafford loans can be taken out under the student's name. This type of loan doesn't require credit checks or collateral. Parent PLUS loans are aimed toward parents of undergraduate students. With a Missouri college student loan, parents can borrow up to 100% of their child's tuition. Third, private student loans are credit-based, unsecured loans available to Missouri students.
Federal student loans are loans with low interest levels that you don't need to pay back until after you have graduated from college in Missouri. Once you submit a Free Application for Federal Student Aid (FAFSA), the Department of Education generates a student aid report that includes the types of loans for which you qualify in Missouri. You must demonstrate at least some financial need in order to be eligible for federal aid. The government determines your financial need by analyzing the income of you and your parents if you're considered a dependent.
Because Missouri private student loans have higher rates of interest than other types of loans, students should seriously look for more affordable student loan options. More affordable education loan options include Perkins loans, Stafford loans, PLUS loans for parents and Grad PLUS loans As a potential college student, you should explore financial aid options in Missouri that will save you money in the future. Contact our representatives to learn more about student loans in Missouri.