College Student Loans: Funds for Professional Studies

2007-03-08 10:33:40

( Financial )



HIGH COST OF COLLEGE

The amount of college student loans being granted to students are growing in number as more and more high school students recognize the value of higher education and are pursuing college degrees.

The downside to our society’s educational system is that while the federal government subsidizes quality public education up to the secondary levels, the cost of pursuing tertiary education is very expensive. Only a marginal sector of the population can fully afford college without experiencing any financial difficulties. The rest would have to get by on college student loans or forego college entirely.

FEDERAL AND PRIVATE

If you have your mind set on a diploma, do not be discouraged. College student loans are fairly easy to apply for as the federal government is encouraging the population to pursue higher studies. You can apply for federal college student loans which are being offered by the government every year to interested students. You can also apply for private college loans which are offered by lending institutions all across the country.

The main difference of these two college student loans is in the interest charges. A government college student loans charge very low interest rates compared to private college loans. What you have to be aware of is that federal college loans are only being offered once a year, and there is a cut-off period. If you were not able to apply within the period, you will have to wait for the next year.

There are many agencies that are providing federal college student loans. However, if your loan is not enough to fund your professional studies, you can augment your federal loan by a taking private college loans. Private college loans are offered all throughout the year and are closely governed by state laws. However, private college loans have higher interest rates than federal college loans.


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