If you’re confused, not sure or skeptical about what a Student Loan is all about, then you need to read this article till the end. It summarises and answers all the questions you ask with relevant links about international study student loan, Federal Students Loan, private students loan and student loan repayment.
Without further ado, let’s get started!!!
What is a Student Loan?
A student loan is money borrowed to Students specifically to solve their academic needs. They design this loan to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
Student Loan in simple terms is borrowing money to be educated.
What are the types of Student Loan?
There are majorly two types of Student Loan, each having their types, terms and conditions. The types of Loan include;
To read more click on the link
What are the Pros and Cons of Student Loan?
The advantages of student loan is this
The major advantage of Student Loan is you get to go through college, undergraduate or postgraduate studies with no financial challenge. Why? Because the loan you secured can meet your financial needs.
The disadvantage is that repayment can be very hard if you don’t get a good paying job after graduation.
Find out more!!! https://academicrelated.com/benefits-student-loans
How does a loan work?
You get to borrow money from a financial institution with hope to pay back in a specific time, with or without interest. The institution determines the interest rate. Once you agree to their terms and conditions, they endorse and document it.
Why do I need a Student Loan?
These are the reasons why you may need a student loan
- If you’re having financial constraints
- If you don’t have enough money to pay for your choice of course.
- If you have accommodation issues.
This and many more. Find out more via. https://academicrelated.com/benefits-student-loans
When do I need a student loan?
You need a loan when you’re ready to go to college, high school, university or for Postgraduate studies.
How much do I need for living expenses?
Depending on the location or country of study, living expenses might differ. So once you secure admission, next is to evaluate the cost and apply for a loan that will cover the cost.
Benefits of Student Loan
How do I get a student loan?
The processes and criteria needed to secure a loan can very dicey. Do you really have to fulfill them and get all things ready to avoid a decline when you apply.
How do I get my student loan money?
Once the Loan has been approved by the Federal government or the private institution (Depending on the one you applied for). It will be sent to your Bank account, the school bursary, or given it to you in cash)
How do I get a loan for graduate studies?
- Fill out the Free Application for Federal Student Aid (FAFSA®).
- Follow through to find Out Your Loan Eligibility
- Sign Your Agreement: Master Promissory Note (MPN)
Following these steps will secure you a loan. The same process applies for all kinds of student loans.
Find out more https://academicrelated.com/private-student-loans
Where can I get a Student Loan?
- Federal Government
- Private Institutions
- NGOs, etc
How to apply for a student loan?
Federal and Private Student Loan: which is better?
Compared to private Student Loan, Federal student loans are less expensive, more available and have better repayment terms. Federal student loans have fixed interest rates that will not increase over the life of the loan, unlike variable interest rates which can change.
But depending on the one you can get and the one you can pay for.
Information you will need to secure a loan
- 728 x 90 – Confused About FAFSA – Blue
- Your personal information (Name, date of birth, contact information and social security number)
- Tax and income information from two years prior to the academic year for which you are applying for aid. (EG: 2019 taxes for the 2021-2022 FAFSA®)
- Records of nontaxable income such as welfare benefits, child support, or veteran’s benefits from two years prior to the academic year for which you are applying for aid.
- Records of taxable fellowships, grants, scholarship aid, combat pay, work-study pay, and other types of finances
- Recent bank statements
- Records of stocks, bonds, and other investments
- The Title IV Institution Codes for any schools you’re applying to
How to handle Student Loan repayment?
It’s called a loan, and it means loans to are paid back. To pay back you have to choose a repayment plan which differs with each loan.
To know more read https://academicrelated.com/how-change-student-loan-repayment-plan
Student Loan typically is a choice. To some it’s a dead end and to others it’s a saviour and a pathway that helped them achieve their academic dreams. So good luck in your decision making.
We hope you found this article very supportive. Do share to friends and family.