More on Ed Loans

So many different types of ed loans exist nowadays that it can be hard to keep track of them all and can lead to alot of questions. For this reason, we've tried to make the ed loan consolidation process a little less confusing with this guide on the types of ed loans. Here is a list of the most common ed loans and some general information about each.

Education Loan Consolidation.
  1. Federal Stafford Loans for Students. These are long-term loans to help you pay for your schooling. Stafford Loans come both unsubsidized and subsidized. The subsidized kind is need-based, so only certain borrowers will be eligible. With both types, borrowers enjoy:
    • No payments while still in school
    • Low interest rates
    • Flexibility in repayment options
  2. Federal Parent PLUS Loans. PLUS loans, or loans for the parents of undergraduate students, are federally-backed loans that help parents pay for up to the full cost of their child's education, minus any financial aid awards. PLUS loan qualification is contingent on a satisfactory credit check. The benefits of parent PLUS loans include:
    • Possible tax savings - parents might be able to deduct interest payments
    • Attractive rates on financing - cost-effective alternative to assets or income
    • Can borrow full cost of education, including room & board, books, etc.
  3. Federal Perkins Loans. These low-interest-rate loans are funded by the government and your school. Participating schools have limited funds for Perkins Loans, so these loans are traditionally reserved for students who demonstrate considerable need. The benefits of Perkins Loans include:
    • No payments if still in school
    • Low interest rates
  4. PLUS Loans for Grad Students. Graduate and professional students can finance up to the full cost of their education, less financial aid awarded. Here are the benefits of Grad PLUS Loans:
    • Fixed interest rates, so no worries about fluctuations in payments or rates
    • No limits on the amount of the loan (up to full cost of education)
    • Bare minimum credit requirements (not based on need or income level)
  5. Private or Alternative Ed Loans. These are the types of loans for which you would consider private ed loan consolidation. Private ed loans often bridge the gap between financial aid and federal loans received and the full cost of education. The features of such loans vary because they are provided by private lenders. If considering an alternative loan, make sure you factor in the lender's reputation and customer service.
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There are a lot of questions that are frequently asked about educational loan consolidation and we have the answers to the majority of them. No more wondering, get the answers you seek.
There are many different types of educational loans and many different ways to consolidate educational loans. Find out what works best for you and what is going to save you the most money.
We offer information on a variety of different types of educational loans. Find the right education loan consolidation program for you so you can go about your life once you have graduated.