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When applying for a student loan, there are many things to keep in mind. First of all, there are many different types of loan options out there. From your Stafford to your Perkins loans, there are many options that could make any student feel ignorant when going through the application process. Here are a few of the options:
Student Loan Options:
- Federal Stafford Loan: Take advantage of federal options first. These have fixed interest rates set by the government at 5.60% for subsidized, 6.80% for unsubsidized loans.
- Parents Perkins Loan: For financing your child’s higher education, consider a Federal Parent PLUS loan with an 8.50% fixed interest rate.
- Private Loans: Loan makes up the difference when federal funding falls short.
Benefits available on all of these loan options:
- No payments while in school
- 0.25% interest rate reduction when you enroll in our auto-debit payment program
- Customer service you can count on â€" for over 50 years we have helped students and parents find loan solutions for college