It is no secret that college education in the US is expensive. In fact, most students in the United States require student loans to finance their education. There are two types of financing solutions available to them -- federal student loans and private student loans. Even though most students choose to go with federal student loans, looking at other financing options available can help you select a financing option that works best for you.
Federal Student Loans
The five types of federal student loans include:
1. Direct Subsidized Loans
A direct subsidized loan means it is funded by the government. It is a cost-effective loan, allowing undergraduates to borrow money for tuition and related expenses. With a direct subsidized loan, interest does not accumulate for the student while they are enrolled in an undergraduate degree program, including for six months after graduating.
Interest begins to accumulate after the grace period, which means the student needs to start making the required payments unless they get a deferment. Direct subsidized loans are based on the student's or their family's financial status. For this reason, it is difficult to qualify for this loan.
2. Direct Unsubsidized Loans
A direct unsubsidized loan accumulates interest over the lifespan of the loan. The student is responsible for paying off the loan with interest. Interest can add hundreds and sometimes, even thousands of dollars to the total repayment amount.
3. Parent PLUS Loans
The Parent PLUS Loan is available to the parents of the undergraduate student. It offers a fixed rate and flexible loan limits. Parents can only qualify for this federal loan if they have a good credit history. A bad credit card history is:
· Current delinquency of 90 or more on over $2,085 in total debt.
· Over $2,085 in total debt in collections or charged off in the previous two Read more
Which do you want a Diploma or a Career?Probably both, and we agree. What if, after you earn your diploma, there are no career opportunities in that field? Current college students majoring in journalism and communications may be in for a struggle. http://adage.com/article/media/columbia-shrink-journalism-school-media-woes-mount/297557/ Why include communications majors in that? Because what jobs do you think many of those displaced journalists will be applying for? Our approach includes: Career assessment with coaching
Future vocation opportunities (what experts predict about the job market)
Where those jobs may be and how much they are likely to pay.
Before spending $100,000 earning your diploma do you think it is wise to find out the likelihood of that diploma helping you in the job market? Read more
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