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Education Loans

Education loans are meant for students who want to attend college but do not have the financial means to further their studies. Undergraduate and graduate students can apply for education loans made available by the government. For the benefit of the students, most of these loans have low interest rates.

These education loans are called Stafford loans and are very popular with college bound students who need some form of financial aid. There are Stafford loans that are subsidized and unsubsidized by the government. The government pays the interest for subsidized loans while the student is in college for at least half the time. It works for students who are working and schooling at the same time. Parents of undergraduate students can also apply for Plus loans on behalf of their children. Any amount up to the cost of education for an undergraduate student can be borrowed by parents who qualify for the loan.

For your convenience, you can apply for education loans online. Firstly, you need to estimate about how much money is required to complete the education and you should include tuition fees, living expenses, books, food and other miscellaneous expenses. You should apply for a variety of federal and private student educational loans. Federal loans include Stafford loads, Perkins loans, and PLUS loans for parents. All federal education loans require a single application called FAFSA which is to be filled with all the relevant details.

Once the education loans application is filled out and processed, the student will receive a Student Aid Report (SAR) containing information about the amount of federal funding the student is eligible for. The SAR has to be presented to the college so that the student can get the letter of acceptance. The government Stafford education loans have made it possible for students from lower income families to attend the college of their dreams.

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