When it comes to getting a student loan to pay for college, private student loans offer several advantages. For example, many private student loan programs in Nevada let you to delay payments while you're still in college. Other private student loan programs require that you start paying the loan back right away. Other private loan options enable 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 Nevada student loans in the long run.
Federal student loans are college loans issued to students in Nevada and other states by the federal government that come with low interest levels and don't have to be repaid until you have received your degree. Once you submit a Free Application for Federal Student Aid (FAFSA), the Department of Education generates a report that details the loans you qualify for in Nevada. You must demonstrate some financial need in order to be eligible for federal aid. The government determines your financial need by examining the income of you and your parents if you're considered a dependent.
You'll find three different types of federal student loans issued by the government available to students attending college in Nevada. These loans are the Federal Stafford Loan, Federal Parent PLUS Loan, and private student loans. Stafford loans are issued directly to the student and does not require collateral or take credit ratings into consideration. Parent PLUS loans are specifically designed for parents of college students and allow parents to borrow up to 100% of their child's educational expenses. Third, private student loans are credit-based, unsecured loans available to Nevada students.
In order to be considered for student financial aid in Nevada, you'll need to submit a FAFSA (Free Application for Federal Student Aid). After 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 Nevada. The government takes into consideration factors including assets, family expenses, income, and the number of members in your family when determing your financial need. Contact our pleasant representatives to find out more.
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 Nevada are typically more costly than federal student loans, you will want to take advantage of federal student loans before you apply for non federal student loans. Since there are so many different options for financial aid, a private student loan should usually be your last resort. Call our representatives for additional information about student loans in Nevada.