These days, it would appear that many people have been able to gain access to Student Loans. This must mean that they are happy to hand them out to anybody who wants one.
We can tell you though, that this is not quite the case. Sure, there are not too many limitations out there preventing people from getting Student Loans. But there are specific requirements that people need to meet before they are given access to a loan. The requirements will vary between private and federal levels. However, the majority of loans will take a while to gain access to. Most businesses who are providing the loans will have some sort limitations behind them. If this is the case, then it is advised to stay away from them.
Are you wanting to find out whether you will have access to private or federal Student Loans? Then please continue reading to find out how you can go about doing this.
Private Student Loans
To be able to gain access to private loans, the federal government will not be providing you with much assistance. These types of loans will need someone who is earning some good money, to be able to repay your loan for you if you are unable to do so.
Every private loan provider will have a range of different requirements to meet. Our advice is that you do as much research as you possibly can. Check out a number of providers before choosing one. You will need to have a specific amount of income and a good credit score before you will be given access to a private Student Loan. This is the reason why these type of providers will require someone who can help you pay back the loan. Most Students will have very little income. They’ll also have not much, if any credit history.
Credible is one fantastic private Student Loans provider worth researching. They will give you the opportunity to have a look at several different providers in a very short amount of time. You will not need to get a credit check to do this.
In saying that, always be hesitant with all private loan providers who have no limitations or criteria to meet. The last thing you want to do is agree to a loan without confirming what the loan value is. If the loan provider and deal sounds amazing, and too good to be true, then chances are it is.
Federal Student Loans
Are you wanting to gain access to a federal student loan? Then below is what you will need to do.
-A suitable social security number must be ready to use and up-to-date.
– If you are a male, you will need to be registered with the provider you have chosen. Registration is required for men who are eighteen to twenty five years of age.
– Make sure that you are a suitable non-citizen, or citizen. Residents who have not been registered with the country they are in will not be suitable enough to gain access to any loans. Residents living in their country on a permanent basis will be required to have a green card.
– A senior school certificate or similar must be presented to the provider. This can also include a GED or home schooling certificate.
– Be in regular attendance at a suitable education center. Those who do not attend education centers who are not credited may not have access to Student Loans.
– Make sure the Application for Federal Student assistance form has been filled out. Be sure to find the right one for your circumstance.
– Have a good and reliable background with federal financial assistance. Do not be in in default or have any other loans that you are paying back. A federal grant will also not help you in obtaining Student Loans.
– Your GPA must always remain at 2.0. Otherwise you will likely stop receiving financial assistance.
– Be a full time or part time student.
There are also Subsidized and Unsubsidized available as Student Loans.
These particular loans require students to prove that they meet the subsidized loans requirements. To do this, they can show a provider their FAFSA form. Subsidized loans will not need interest paid back to them while a student is studying. If a student has chosen to pay their loan back at a later date, they will also not be required to pay interest until later on.
If the FAFSA form has been filled out, and the student has been unsuccessful in proving their financial needs, they will be able to get an unsubsidized loan. These types of loan requires a student to pay back interest whilst they are studying. Interest will also need to be paid if they are still paying their loans after they have completed their studies.
Careers will be able to gain access to unsubsidized PLUS loans for students who may be living with and relying on them. They will however, be unsuccessful if the student has other loans that are being paid back.