Frequently Asked Question(s)
Q:What can you tell me about personal school loans?
A:Personal School Loans are commonly known as private loans which students should only resort to once all their federal financial aid options have exhausted. Private school loans allow students to borrow up till the entire cost of education including accomodation and travel expenses of the applicant. They also require the applicant to have a good credit history and a co-signer. They can offered by any individual, bank, private company, or any other financial intermediary.
Q:Is personal student loan consolidation option a good one and does it help?
A:Personal student loan consolidation choice is one that many opt for as it is better to have one fixed interest rate. It makes the payment process simpler since different private loans can have variable rates. Combining them into one monthly is more manageable for the students. The terms and conditions must however be thoroughly checked beforehand.
Q:Why is it difficult to find personal student loans without cosigner?
A:Personal student loans are among the top financial aid programs nowadays. Many students are using these loans to help fund their education. Personal student loans without cosigner are tough to find. This is because banks require some sort of security or collateral against the loan being disbursed. A cosigner will guarantee payments on behalf of the student.
Q:What happens to your personal student loans if you do not graduate?
A:If you do not pass your degree/ program or drop out, then you will find yourself in a difficult position with your lender. Most lenders would require that you make arrangements to repay your loan immediately. Therefore, dropping out or failing your program is not something you should take lightly.
Q:How do you apply for personal loan for students with no job?
A:Applying for personal student loans when you are jobless is no different from applying for them in any other situation. Though, no matter how simple and easy it must be to apply for a student loan, it is essential for the student to research their options online and apply for the loans which best suit their needs and are also affordable for them.
Q:While looking for personal loans for students with bad credit, I came across Cheap Student Loans. What are these?
A:Cheap student loans are mostly offered by the federal financial aid program for students, but a few private lenders too have joined this rank of lenders. As is obvious by the name itself, Cheap student loan rates are not as high as other loans safely varying between 4 %and 10 %. A lot of these loans come with capped interest rates or fixed interest rates as well. Repaying these loans is also easier allowing repayment to start after graduation.
Q:What are some of the options available in personal loans for students with no credit?
A:People in their student life don't always have a credit history they can be proud of, but this should not be a hindrance in their persuit of higher education. Some of the loans offered by financial aid programs for such students are: Co –signer Loans, Subsidized and Un-Subsidized Stafford Loans, Perkins Loans, Graduate PLUS loans, and The Pell Grant.
Q:While looking for personal loans with bad credit and no cosigner, I came across Un-Subsidized Loans. What are these?
A:Un Subsidized Stafford Loans are part of the federal student aid program and are given to students at any level of their education. These loans have a higher rate of interest as compared to subsidized loans. These loans are awarded on a strict need based criteria and have no obligation of any credit history or credit score. But those dependent on these unsubsidized Loans usually get less amount of loan as compared to students with a better credit score.
Q:I was looking for personal student loans bad credit and found ACS Student Loans. What are these?
A:ACS student loans are the best way of getting affordable and maximum coverage loans. With the help of these loans, student can get funding for their entire time spent in college and these loans are not very hard to apply for and get as well. ACS is in reality not a loan it self, but it is an online service which helps needy and deserving students to get into the best financial aid programs available to students.
Q:While looking for personal student loans for bad credit, I came across Alternative Student Loans. What are these?
A:Alternative Student Loans are basically just another name for private student loans. These loans are offered by private lenders who are usually commercial lenders also such as banks with the view of providing financial assistance to students for higher education. Even though these loans are comparatively more expensive than federal financial aid, students opt for these, since getting these loans is faster and can provide complete coverage for their education.
Q:What are the benefits of personal loans for students?
A:Personal student loans come in handy for those students who have some how exhausted all other sources of financing for their college life and are in dire need of financing fast. A lot of times the need for personal loans also arises due to the grants and scholarships not being adequate to cover the complete cost of attendance. Most of these loans are privately sourced and can be quite costly.
Q:What is the purpose of student personal loans?
A:While the private loans for students are meant to cover the tuition expense, the student personal loans are there to cover the other college expenses. A personal student loan gives you the option to cover the cost of housing, travel, laptops or computers, textbooks, and other supplies. In fact you get the flexibility to spend the money however you choose because the money is not given out through the university as it would be in case of a federal loan.