Low Interest Student Loans - Your Ticket To Higher Education

 

There are several factors involved in choosing the best student loan for you, but one of the most critical is that you find the one with the lowest possible interest rate. Low interest educational loans will save you a tremendous amount of money when payback time arrives, both in the total amount they will cost you and in the amount you will have to spend in payments each month.

 

But fortunately for you, there is no shortage of low cost student fundings available from government and private lending programs. All you need to do is take the time to thoroughly research you options, and you will be happy with the selection of appropriate student aid you find.

 

Stafford Loans

 

Your research will undoubtedly uncover the Federal Stafford student loan program, which provides low interest educational funding for both undergraduate and graduate students. The Stafford loan is one of the most popular, because it provides subsidized interest to low income students. If you qualify, the Federal government will actually pay the interest on your Stafford loan as long as you remain in school, during any periods when you must defer your payments for good reason, and during the post-graduation grace period you will have before beginning your payments.

 

For students with adequate incomes, there are non-subsidized Stafford loans on which the students are responsible for paying both the principal and accumulated interest, but again the payments will not be due until after graduation.

 

Stafford loans are cheap loans offered at a fixed 6.8% , and by taking advantage of the program's borrower benefits, you may be able to lower your individual rate up to as little as 4.8%. You may also be able to defer your payments for a full nine months from the time you leave school, giving you plenty of time to find a job and begin earning a good income. And there are no credit checks required for those applying for Stafford loans.

 

An alternative source of cheap funding comes from LendMesh, a public service company started in 1994 which has become North America's premiere student financial assistance. LendMesh has a comprehensive group of loans, and can help you find a great low rate student loan to meet all your educational costs not covered by grants, scholarships, or work-study programs.

 

You can use of LendMesh's loan calculators to compare different loans, getting an idea of what the monthly payments on each will be, and a clearer picture of the amount of debt you can safely assume.

 

Know Your Limits

 

While low interest educational loans can indeed be your ticket to higher education, you should realize in advance that they are not free tickets, and your failure to repay them on time will have long-term negative consequences on your financial future. Not only with failure to repay a student loan decimate your credit rating; it will very likely have you targeted by collection agencies.

 

So when you are choosing your cheap student loans, you should never borrow more than you can comfortably afford to repay. Be smart, and as soon as you have a job after graduating, set aside some of your salary so that when your payment grace period is up, you'll have the cash on hand to meet your first few monthly payments without trouble. It will be one of the best habits you ever develop!

 

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