The best student loan for 2009 is Federal Stafford loans and Federal Perkins loans. The Federal Stafford loans are of two types, subsidized and unsubsidized. To get an approval for subsidized loan, you need to prove to the federal government that you actually required it. If you manage to get an approval for this loan, you do not need to pay any money to the lender when you are still studying in the college. You are also going to get a grace period of six months after graduation. With so much flexibility in terms of repayment schedule, you can save plenty of money in the long run.
You can get an approval for unsubsidized loans on the basis of your family income. Unlike subsidized loans, you do not need to prove your requirement in front of the federal government. The application procedures of unsubsidized loans are relatively easy and after getting an approval, money will be in your bank account in a matter of two or three days. To get Federal Stafford loans, you do not need to put anything as collateral.
Federal Perkins Loans
In comparison to Federal Stafford loans, interest rates of Federal Perkins loans are normally quite low. Another good thing about Federal Perkins loans is that both undergraduate and graduate students can qualify for these loans. Straight after getting an approval, loan amount will be in your bank account next day. Before giving you approval, lender will take into consideration your credit score. If your credit score is not up to the mark, you may face rejection from the lender.
To get an approval for Federal Perkins loans, you may need to put something as collateral. When you put your house or vehicle as collateral, lender will not treat you as a risk and therefore you are going to get your student loan at low interest rates. But before you go this route, remember the point that if you miss any of your monthly installments, lender will be given a full freedom to recover the loan amount by selling the item that you have put as collateral. If you are not careful, you can easily lose your house.
Which Student Loan Package you should go for?
Before deciding on any loan package, it is always better that you take into consideration your financial condition and monthly source of income. If your monthly source of income is low, you should go for a loan package where repayment schedule is for an extended period.
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