There are so many different options available for student loans these days, making it a veritable student buyer's market. Even better news is that there is fierce competition among lenders, which means students will save more.
The hardest thing you will have to do is choose between the best companies and decide which options for each company will best suit your situation.
Below we will look at the options available to you as a student.
Options
Before you start looking at what's available, you should have a pen and paper ready and jot down a few notes. You should also create a spreadsheet and list the pros and cons of each company's loan details.
federal
It is always wise to choose a government loan above all else as it usually offers the lowest interest rate and also has the longest term, so that it is accessible to most loan applicants.
You can also get it even if your credit rating is poor or none at all. This type of loan is ideal if you have no income.
These types of loans are historically more likely to make your personal (financial) situation worse.
private
These are higher interest rate loans but they can be more flexible with what they can offer you. Most of these loans typically require you to meet certain financial criteria to be approved and may also require you to have a cosigner.
These typically have the same credit and income requirements as any other private loan, which means you'll likely need a cosigner if you're a young college student. If your financial situation is stable, this probably won't be a problem for you at all.
There are also plenty of other options to consider, which are:
PLUS credit
Stafford Loans
Sallie Mae Student Loans
Many private companies to choose from
This is why it is important that you make a detailed list of all the companies and loans that you consider worthy enough for you to consider and list all of their advantages and disadvantages. This way, you will be able to make informed choices about student loans.
