Adult distance learners can take advantage of varied federal student loans now available. If you are planning to pursue your studies further here is a great opportunity to help pay for your distance education without draining your bank account or seeking additional employment. By simply filling out a few online applications, you can easily get qualified for federal loans with reasonable interest rates and terms.
Federal Student Loan Benefits
Federal student loans are the best choice for those who qualify. The Federal Government normally offers the lowest interest rates available and borrowers are provided generous repayment terms. Existing loans can be deferred while you are going to school, and help reduce your financial hardship.
Obtaining Students Loans
It’s generously true that obtaining loans online was a difficult task years’ back but as time have changed you can easily find and qualify for distance learning loans online. You have the option of either private loans or federal student loans.
Types of Federal Student Loans
The federal government can offer various financial aid opportunities for those who are genuinely in need of loans. Some of the most commonly available student loans are as mention:
- Federal Perkins Loans: These specific loans are commonly provided at really low interest rates and are easily available for students who can demonstrate obvious financial need. The government is liable to pay interest on Federal Perkins Loans. Students enrolled in school are offered a nine-month grace period following graduation. They can then begin making their loan payments after the grace period ends.
- Federal Subsidized Stafford loans: These loans are some of the best loans with low interest rates – as the government pays the interest while you are in school. The interest is also subsidized while the students participate in a six-month of grace period after graduation. Students then begin making their payments after completion of the grace period.
- Federal Unsubsidized Stafford Loans: These loans also offer low interest rates, but they start accumulating interest as soon as the loan money is dispersed. After graduation students are also offered a six-month grace period before making their first loan payment.
- Federal Plus Loans: These are loans for undergraduate education, which are available for parents to help pay for schooling. Students who intend to look for online education programs have the option to obtain federal plus loans. Parents, however, must pass a credit check and must qualify as co-signers. Repayment begins immediately after loans are dispersed.
Qualification for Federal Student Loans
In order to be eligible for federal students loans one must be a U.S. citizen with a social security number. Students require their high school diploma, GED certificate or should have passed an alternative exam recently. Students must be enrolled as a full-time student (12 hours in undergraduate, 9 hours in graduate school) to earn their certificate or degree at a school eligible to offer federal aid.
If you don’t really meet up with these qualifications it’s best to discuss your situation with a financial aid counsellor at your potential school. As you finish your online education you can easily plan to repay these loans. It’s important to consider consolidating your student’s loans into easy monthly payments and a low interest rate. Never borrow more then you need, and know that student loans must be repaid. If your goal is to attend school online you should be excited that there is financial aid out here to help you meet your goals, and become a more educated person.