Because Virginia private student loans have higher interest levels than other types of loans, students should seriously look for more affordable education loan options. More affordable education loan options include Perkins loans, Stafford loans, Grad PLUS loans and Parent PLUS loans. As a potential college student, you should explore financial aid options in Virginia that'll save you money in the future. Contact our representatives to learn more about student loans in Virginia.
There are three different types of federal student loans issued by the government that are available to students attending college in Virginia. These loans are the Federal Stafford Loan, Federal Parent PLUS Loan, and private student loans. Stafford loans are issued directly to the student and doesn't require collateral or take credit ratings into consideration. Parent PLUS loans are specifically designed for parents of undergraduate college students and enable parents to borrow up to 100% of their child's academic expenses. Third, private student loans are credit-based, unsecured loans available to Virginia students.
A Stafford loan is a subsidized federal loan given to graduate and undergraduate students in all parts of the country including Virginia. Stafford loans are affordable because they have low interest rates that are fixed. For example, graduate students can secure interest rates as low as 6.8 percent. Undergraduate students can take advantage of interest rates between 3.4 and 5.6 percent. Unlike non federal student loans in Virginia, a Stafford loan does not require collateral, credit checks or application fees. Contact our associates today for more information.
Federal student loans are college loans issued to students in Virginia and other states by the government that come with low interest levels and don't need to be repaid until you have received your diploma. When you submit a Free Application for Federal Student Aid (FAFSA), the Department of Education generates a report that details the loans that you qualify for in Virginia. You must demonstrate at least some financial need to be eligible for federal aid. The government examines the assets and income of you and your parents to determine your financial need.
College students should exhaust all of their scholarship and financial aid resources before applying for private student loans to fund their college education. Because Virginia private student loans are costlier than federal student loans, you need to make sure you've taken advantage of all your low-cost federal student loan options first. A private student loan should typically be your last resort once you have exhausted all other funding sources. Contact our associates to learn more about student loans in Virginia.