Before you apply for a private student loan, make sure you've taken advantage of federal financial aid and free-money options first. Since private student loans in Montana are typically more costly than federal student loans, you want to make sure you've taken advantage of all of your low-cost federal education loan options first. Since there there are many different choices for financial aid, a private student loan should usually be your last resort. Call our associates for additional information about student loans in Montana.
There are many benefits of getting private student loans to finance your college education. For example, many private student loan programs in Montana let you to defer payments while you're still in college. Other private student loan plans require that you start making payments on the loan right away. With some private student loan programs, you can make interest-only payments while you're still in school. That way, you can pay down the interest on your loan as quickly as possible, and save money on your Montana student loans in the long run.
Federal student loans are loans with low interest levels that you don't have to pay back until after you graduate from college in Montana. When you fill out and submit an online FAFSA, the Department of Education generates a report that will tell you the loans you qualify for in Montana. You are required to demonstrate a certain level of financial need to be eligible for federal loans The government examines the income and assets of you and your parents to determine your financial need.
A Stafford loan is a subsidized federal loan given to graduate and undergraduate students in all parts of the country including Montana. The main beneft of getting a Stafford loan is low fixed interest rates. Student loan rates for graduate students are usually as low as 6.8 percent. Undergraduate students can often secure interest rates between 3.4 and 5.6 percent. Unlike non federal student loans in Montana, a Stafford loan doesn't require application fees, collateral, or credit checks. Contact our representatives today to find out more.
To be considered for student financial aid in Montana, you will need to submit a FAFSA (Free Application for Federal Student Aid). Once you submit the FAFSA, you'll be considered for grants, work study programs, and federal student loans. The Department of Education sets the eligibility guidelines for Montana student loans. They'll consider several factors such as income, net assets, number of family members, and living expenses when determining your financial need. Call our friendly associates for more information.