What Student Loan Can I Get

What Student Loan Can I Get

If you are in the process of planning for college, you may be wondering what type of student loan you can get. This is a very important question because student loans are usually the largest percent of the total cost of attending college. Whenever you borrow money, you need to know exactly how much money you can borrow and what type of student loan that you qualify for.

What Type Of Student Loan Can I Get?

There are many different types of student loans, including Federal Direct Loans and Perkins Loans. Each type has its own requirements to qualify for it. Interest rates on these loans also vary by lender and the borrower’s credit history.

• Federal Direct Loans: These are the most common type of student loan and can be used to pay for tuition, fees, books, supplies and housing at eligible schools. If you’re going to school less than half-time or within 150% of the normal time frame (6 years for undergraduates), you won’t qualify for a federal direct loan unless your parent(s) cosigned your application form; however, students can only borrow up to $3150 from this program without a cosigner every year. With a cosigner on board however—and assuming they meet all other eligibility criteria—you could potentially borrow up to $5750 per academic year in this way!
• Perkins Loan: These loans were created specifically for low-income students who attend high cost universities or historically black colleges/universities (HBCUs). They have lower interest rates than other federal student loan programs but they require an end date when repayment begins after graduation or when you drop below half time enrollment status (which means no more than 8 hours per week). Your options include full forgiveness or partial forgiveness depending upon whether you completed 120 eligible payments by October 1st 2020 or not; otherwise it will be considered as taxable income when forgiven after 20 years of paying back principal plus interest

Federal Student Loans

Federal student loans are government-backed loans that are provided to students who qualify. These loans are provided through the federal government and have many benefits, but they also come with some disadvantages and requirements.

Federal Student Loans have many benefits:

• They offer lower interest rates than most private student loans.
• You won’t have to pay any fees when you take out a federal student loan, unlike some private lenders who charge origination or application fees.
• They offer flexible repayment terms and options, so you can make monthly payments that fit into your budget and lifestyle.

Federal Student Loans also come with some drawbacks:

• You must meet certain eligibility requirements before you can get one of these types of grants or debt assistance programs from the government; this includes having good credit history and not already having too much debt on your credit card accounts (for example). If you don’t meet all of these requirements then it may be difficult for someone like yourself – who wants help paying off their debts – because there aren’t many other places where people can turn for help when times get tough financially like this.”

Stafford Loans

Stafford Loans are the most common type of federal student loan. They come in two different types: subsidized and unsubsidized.

• Subsidized Stafford Loans are available to eligible students who demonstrate financial need. You don’t have to pay any interest on these loans while you’re still in school at least half-time, or during your six-month grace period after graduation or leaving school. The amount you borrow is based on your annual income and family size, so the more money you make, the less likely it is that your loan will be subsidized by the government (and vice versa).
• Unsubsidized Stafford Loans don’t require a demonstrated financial need since they aren’t “subsidized,” but they do accrue interest while you’re still in school. Once again, this type of student loan isn’t going to be right for every single person—you should check with your school’s financial aid office and see what other options may be available before deciding whether or not this type of loan works best for your situation

Perkins Loans

Perkins Loans are low-interest loans for students with exceptional financial need. They’re available for undergraduate and graduate students, and you can use them to pay for college costs like tuition, fees, and room and board.

Perkins Loans are federally subsidized loans that have a 5% origination fee. This means that the government pays the interest on your loan until you begin repayment (after graduation or leaving school). You’ll only start paying back your loan once you receive your first paycheck from a job or graduate school fellowship after completing your program at an eligible institution.

Plus Loans

In addition to the federal government’s student loans, there are also private companies that offer student loans. Some of the most popular private lenders include Sallie Mae, Wells Fargo, and Discover.

• Plus Loans: A federal loan with relatively low interest rates that can be used for both undergraduate and graduate students. You can apply for a PLUS loan if you’re an independent undergraduate or graduate student who has not borrowed any other type of federal aid (such as Stafford or Perkins loans) in school.
• Consolidation Loans: A federal consolidation loan allows you to combine multiple types of your own outstanding education debt into one single payment each month. This means you can have just one monthly bill instead of several different ones coming due every few weeks! Consolidation is available only through government-approved agencies called “servicers”; make sure your personal servicer will work with what type(s) of student aid applies best for yourself before proceeding further down this path

Private Student Loans

Private student loans are not guaranteed by the government. They are not subsidized and they are based on credit history, academic performance and employment history. Private student loans can be used for the following expenses:

• Tuition
• Course fees
• Textbooks
• Travel expenses for field trips or conferences related to your course of study

Private student loans are generally administered through banks, credit unions or other financial institutions.

How Much Money Can I Borrow In A Student Loan?

The amount of money you can borrow in a student loan depends on your financial need and academic standing. The more money you borrow, the more interest you will pay. In general, most students receive about $21,000 in loans for their first year of college.

This includes all types of federal loans: Federal Direct Subsidized Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and/or Federal Perkins Loans (if eligible).

If you’re in the process of planning for college, you may be wondering what type of student loan you can get. This is a very important question because student loans are usually the largest percent of the total cost of attending college. Whenever you borrow money, you need to know exactly how much money you can borrow and what type of student loan that you qualify for.

If you’re in the process of planning for college, you may be wondering what type of student loan you can get. This is a very important question because student loans are usually the largest percent of the total cost of attending college. Whenever you borrow money, you need to know exactly how much money you can borrow and what type of student loan that you qualify for.

In terms of how much money a student can borrow in a student loan, there are three types:

• Stafford Loans – Stafford loans are federal loans that come from colleges or universities, so they are available at any accredited school. These loans have low interest rates and flexible repayment options.
• Perkins Loans – Perkins loans were created by Congress specifically for students with exceptional financial need who also had an excellent academic record. They carry lower interest rates than conventional Federal Stafford loans do but require stricter guidelines regarding eligibility requirements regarding credit history and employment status before graduation from school (or within six months afterwards). If a borrower does not meet these requirements then he or she may still qualify under another government program instead (such as PLUS).

If you’re in the process of planning for college, you may be wondering what type of student loan you can get. This is a very important question because student loans are usually the largest percent of the total cost of attending college. Whenever you borrow money, you need to know exactly how much money you can borrow and what type of student loan that you qualify for.