College loans are the most affordable option to pay for school. The two biggest benefits of college loans are:
1. Lower interest rates than other student loans
2. Repayment is postponed until you are out of school.
Mainly there are two types of college loans.
1. Subsidized college loan: The government will pay the interest on the loan while you are in school and during deferment and grace periods. However, students must demonstrate their financial need to be eligible for a subsidized student loan.
2. Unsubsidized college loan: Student is responsible for all the interest, although payment is deferred until graduation. All students are eligible for the unsubsidized college Loan.
Some reasons why college loans are best :
1. At present, interest rates are at an all-time low, i.e. 3.37%. In school rates are lower, at 2.77%.
2. No credit check or collateral is required.
3. No co-signers or guarantee fee required.
4. Flexible repayment and tax deductions options are available.
5. You can qualify for even lower rates with an Automatic-debit discount of 0.25% plus an interest-rate reduction of 2.0% after 48...
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