When the day comes and you finally graduate high school, this the time when you want to start thinking about US student college loans and which one is right for you and your current income and financial needs. There are hundreds to choose from and dozens of different types to learn about and research. As someone who is new to the world of lending and government-funded grants, scholarships and more this can be quite overwhelming but it can also show you just how many types of US student college loans there are to choose from, enough for every student to get the money they need for college.
If you are someone who is financially needy and truly cannot afford for school but still wish to attend college, then your first step towards finding the right US student college loan for you is to fill out the FAFSA form. By completing this form in full online you will quite literally be alerting the government of your financial situation and if all your information is accurate then you will more than likely be approved for what is known as a guaranteed student loan. This type of government-funded college loan is provided by any lender but backed by the government so no credit checks are necessary and the government pays your interest throughout your schooling years. Even after you have graduated the government will continue payments for up to 6months, therefore allowing you time to obtain employment.
These types of subsidized US student college loans are almost a sure thing for those who have financial problems, but if you do have money to spend on college you are not eligible. You will have to look towards general lenders such as your local banks for US student college loans and pay the interest each and every month as well as the minimum monthly payment in order to not only build credit but good credit. This can be a big responsibility for a student to take on and if you even miss one payment you will be on the radar and this can cause you to lose your funding.
If you are not interested in paying your way through college on credit, then you may want to consider the many scholarship options that colleges offer today to help struggling students afford this level of education. Although scholarships of course cannot be considered as a loan, they are a great way to help pay for things like tuition and books when you are short on cash or waiting for your loan money to arrive in your school account. With so many students using financing and lending to pay for school, not all of the money arrives exactly when you need it and this is when scholarship money can help you between payments.
US student college loans are easy to obtain even if you do not have any credit or bad credit or even no co-signer. Lenders as well as the government understand that students have nothing to their credit or already have bad credit from student loans and debts and this is often overlooked. However, when you are done school, the pressure builds to pay off these loans and your bad credit will no longer be overlooked.
Before you even graduate high school or at least 5months before you are to begin college it is important to research all your lending and financial avenues that you can apply for and see success. Whether you are eligible for subsidized or non-subsidized funding, the options are out there all it takes is a little searching to find the money that will pay for your education.