Many students heading in to college avail loans to further their studies. Student loans can be used for any college released expenditure, including tuition, room and board, books, computers, and transport costs. Upon completion of the course, many are unable to pay back their loan. It is best to choose the lender and loan most suitable to your requirements, so as to minimize repayment difficulty. Some of the most famous types of student loans are offered through: Federal Government – These loans (financial aid) are often the cheapest as they are subsidized. For lower and middle income families, the federal loans are usually the only option. As a student, the first step in applying for a federal loan, is completing the FAFSA (free application for federal student aid). This loan is further classified as subsidized – the government pays the interest while the student is studying and unsubsidized. These loans are made regardless of the borrower’s credit history and approval is automatic if the student meets the program requirements. Federal student loans are also made to parents, where the credit history is looked into and the approval is not automatic. PNC student loans – This private loan is offered from one of the biggest banks in the country.

The federal money direct loan program is nicknamed student loan forgiveness program. Originally named William D Ford loan program, it is commonly referred to as Obama student loan forgiveness program. All these programs and its benefits are only for the federal loan borrowers and not for private loan borrowers. Having a person co sign your student loan can get you lower interest rates. There are options for student loans without consigner. Federal student loans do not require a consigner. The student can take it without a parent’s help or without a credit history. Private student loans usually require a consigner, especially if the applicant is below 21 years of age. To procure a student loan without consigner apply for federal loan. Federal student loans do not require a co-signer, thus allowing a student borrower to avail a loan with having a credit history or a parent’s help. Fill out the FAFSA (free application for federal student aid) to find out if you are eligible for federal grants or scholarships. This application also lets you know if you are eligible for federal loan. Other than not requiring a cosigner, this loan also has lower interest rates and forgiveness programs. Private loans do not offer forgiveness.

If you get a student loan forgiveness, then you can end up saving on thousands of dollars from student loans. If you take up a job in public service, then you may qualify for a Public Service Loan Forgiveness. Here are some important tips you need to know about Public Service Loan Forgiveness. Public Service Loan Forgiveness is essentially a federal program forgiving federal loans of borrowers who work full-time in a federal, state or local public service job and make at least 120 on-time payments (this roughly equates to 120 months of student loan payments made on-time) This program is eligible only for payments made after October 1st, 2007. Any payments made before this day will not add up to the 120 payments. As a borrower, you can make the 10-year student loan repayment using any of the following repayment options: standard repayment, Pay As You Earn Repayment (PAYE), Income-Contingent Repayment (ICR), Income-Based Repayment (IBR). You can improve your chances of being eligible for a Public Service Loan Forgiveness by making most of your 120 repayments using an income-driven plan. The direct loans that are eligible include Federal Direct Subsidized Stafford/Direct Loans, Federal Direct Unsubsidized Stafford/Direct Loan, Federal Direct PLUS Loans (for parents and graduate and professional students), Federal Direct Consolidation Loans Only two types of student loans, namely:

The cost of living is increasing with each passing day. This would also mean that the cost of the things we look for, which are absolutely important as education is also going out of hand and is becoming unaffordable with each passing day. That is where student loans come in and play an important role in helping us continue our education without any trouble. Nowadays, refinancing college loans have become extremely normal. Student loan refinancing is being found to be extremely helpful for a good portion of the population and there are multiple banks that offer student loan refinancing. However, before one jumps into that, it would be suggested to compare student loan refinancing plans and find the best lenders to refinance student loans. There should be a thorough analysis of whether student loan refinances is meant for you and making a list of 10 best student loan refinance can give you a better idea of the best companies for student loan refinancing. Here are some of the best student loan refinancing options seen in 2017: SoFi: It provides a minimum lending amount of $5k with no maximum as such. There is an auto-pay interest rate reduction of 0.25% and the average savings would be $22 per month.