Private Student Loans for College

Going to college is not only a great life choice, it is also very expensive. Students who cannot afford to pay for two or four years of college can apply for a student loan to help with some of the expenses associated with continuing their education.  Workers who have a Bachelor’s degree earn as much as 70% more than workers who have nothing more than a high school diploma.  Getting a college degree is worth the time it takes but, getting a loan may be necessary to help with the costs.

According to the Department of Education, in 2009 and 2010, more than $66 billion was made available to students in the form of loans.  There are several different types of loans that students can apply for before, during and after their time in school. The best time to apply for a student loan is in early January. For a quick start, go to to get a ‘Free Application for Student Financial Aid’ and apply for a loan. A reply will be sent about four weeks after receiving your application. At FAFSA, the following information is needed:

* W-2 Forms and other proof of income
* Federal Income Tax Return  – IRS Form 1040
* Dependent students need their parents’ 1040Form
* Current bank statements
* Mortgage and records
* Records of any stocks, bonds and other investments
* Social Security number

There are many different types of student loans for college, the most common are listed below.

FEDERAL College Loans

* Grants
Paying for college is easier with a Grant. When grants are given to a student, they do not have to be paid back.

* Campus-Based Aid
A Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS) and the Federal Perkins Loan programs are administered directly by the financial aid office. Check with the financial aid office at your school for information.

* Stafford Loans
The William D. Ford Federal Direct Loan Program have low-interest loans. Eligible students borrow directly from the United States Department of Education.

PRIVATE Student Loans
These are flexible loans that allow students to borrow the amount needed – up to 100% of the cost of school. With a co-signer, loan approvals are faster, easier and the borrower may qualify for lower interest rates.

* Student Loans for Undergrads
Like the Private Student Loan, this loan let students borrow the amount they need. Get a 0.25% interest rate reduction if you choose to enrolled in automatic debit monthly payments.

* Student Loans For Parents
Get money to pay for your childs’ tuition from Sallie Mae – where there are a variety of different loan types. If you need only a portion or the entire amount, Sallie Mae has all of the information you need.

* Graduate Student Loans
This is a significant time investment and Sallie Mae offers graduate student loan programs to help students.

* Business School Loans
Graduate business school loans are available from the ‘Sallie Mae Smart Option Student Loan’ plan. This is a great solution and borrowers can request as little as $1,000.

* Law School Loans
The cost of going to law school can be eased with an education loan. The ‘Smart Option Student Loan’ let students graduate with less debt and these loans can paid off much faster.

* Medical Schools Loans
Paying for medical school just got easier with medical school loans to help pay for expenses. With a ‘Smart Option Student Loan’, students can save hundreds, even thousands of dollars in repayment.

* Dental School Loans
Requests can be made for the total cost of attendance, or as little as $1,000.

* Subsidized Student Loans
These loans are for students with financial needs and the school will review the results of the FAFSASM application to determine the amount to lend. Interest is not charged during most of the time the student is in school, during scheduled grace periods and deferment periods.

* Unsubsidized Student Loans
Financial need is not required to receive a Direct Unsubsidized Loan. The school will determine the amount you can borrow. Interest start immediately after approval and it (the interest) can be paid to help lower the overall amount of the loan. Or, the interest can grow – which will increase the amount of the loan. Choose the loan type you want – carefully. There have been several complaints from students about the lifelong debt associated with their student loan.