An education is the best safety deposit you can invest in for your future. But to limit this opportunity to just those who can afford it is being very unfair to those who are not so fortunate. Student loans are one of the best ways to assure yourself with a good future and a good education.When you take a loan, you are committing yourself to a debt. But unlike other loans, student loans have special conditions. They are affordable and easily repayable. Student loans are suitable for students who would like to pursue college after high school. Especially federal loans that offer students lower interest rates and longer repayment periods. They also allow you to push back payments when you cannot afford the money at a point of time.There are many types of federal loans available to the students now. I shall list some of them below.
Federal Stafford loans- these loans are given to those who are in need of dire financial aid. They are obtainable from banks or from government directly. Stafford loans themselves come in three types. Subsidized, unsubsidized and additional unsubsidized Stafford loans. In the first type, government pays the interest while the student is still at school. Unsubsidized loan is for those who do not qualify for other financial needs. They give longer terms and lower interests. The third type is for self-sufficient independent students.
Federal plus loans- this is for the parents whose children are at college. The interests are low, and the repayment of the loan generally starts 2 to 3 months after the full payout of the loan.
Federal Perkins loan- they offer extremely low interests and is offered to those who are in need of immediate fiscal need.Federal student loans are a considerably good choice for a student who wants to continue to college and be someone even though she/he is a bit low on income.