Before you apply for a private student loan, make sure you've taken advantage of federal financial aid and free-money options first. Because New Hampshire private student loans are typically more costly than federal student loans, you need to make sure you've taken advantage of all of your low-cost federal education loan options first. A private student loan should typically be your last resort once you have exhausted other funding sources. Contact our associates to learn more about student loans in New Hampshire.
Federal student loans are loans issued to students in New Hampshire and other states by the government that come with low interest rates and don't need to be paid back until you have received your degree. Once you submit an online FAFSA, the Department of Education generates a student aid report that details the types of federal loans for which you qualify in New Hampshire. You must demonstrate at least some financial need to be eligible for federal aid. The federal government determines your financial need by examining the income of both you and your parents if you're considered a dependent.
A Stafford loan is a subsidized federal loan given to undergraduate students and graduate students in all American states including New Hampshire. The main beneft of getting a Stafford loan is low fixed interest rates. Interest rates for graduate students are often as low as 6.8 percent. Student loan rates for undergraduate students range between 3.4 and 5.6 percent. Unlike non federal student loans in New Hampshire, a Stafford loan does not require credit checks, collateral or application fees. Contact our representatives today to find out more.
The federal government offers three different types of federal student loans for New Hampshire students. The loans available are Parent PLUS loans, Stafford loans and private student loans. The first loan (Stafford loan) can be taken out under the student's name. This kind of loan does not require collateral or credit checks. Parent PLUS loans are specifically designed for parents of undergraduate college students and enable parents to borrow up to 100 percent of their child's academic expenses. Third, private student loans are credit-based, unsecured loans available to New Hampshire students.
When it comes to finding a education loan to pay for college, private student loans offer several advantages. For example, many private student loan programs in New Hampshire allow you to to delay payments while you are still in college. Other private student loan plans require that you start paying the loan back immediately. With a few 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 New Hampshire student loans in the long run.