What are Guaranteed Student Loans?
In the last decade or so¸ a college degree has become an essential requirement for most entry level jobs. A college education is a must-have for most entry level jobs in nearly every line of work. However¸ paying for college is an altogether different matter. The rising cost of living¸ combined with the turbulent economy¸ and college tuition that goes up by about 6 percent annually is making it incredibly hard for average Americans to afford a higher education. This is where guaranteed student loans come in – these loans¸ funded by the federal government¸ have a unique set of advantages that makes them the preferred source of funding for most students around the country.
Why Opt for Guaranteed Student Loans?
Guaranteed student loans differ from other types of student loans in that they are essentially “guaranteed” by the government of the United States. This means that regardless of the economy¸ students will get the money they need to pay for college on time¸ every time. Additionally¸ government guaranteed student loans are given at remarkably low rates of interest¸ usually ranging between 4 and 6 percent. Borrowing limits are flexible¸ as are repayment requirements. There are no penalties for early payments¸ and a number of programs – such as the Federal Work-Study Program – allow students who work in certain areas to have a portion of their loan forgiven. In cases where students cannot find work¸ or are unable to keep up with payments¸ repayment can be deferred for a certain period. In certain conditions including hardship¸ a guarantee student loan can even be forgiven.
How can I apply for Guaranteed Student Loans?
These distinct advantages make the guaranteed student loan program the top choice for millions of students around the country. In recent times¸ a number of lenders have also started offering guaranteed private student loans with most of the features of government guaranteed student loans. The application process for a guaranteed student loan program is very simple – applicants just need to fill out a FAFSA¸ which can then be submitted online.
Sources:
Fast Student Loans | Fixed Rate Student Loans | Sheriff Scholarships
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