Education loans helps to make the education plan of the student materialize. There are different types of student loans available under the category of education loans. These educational loans help to strengthen the future of the student. The types of educational loans available are
1. Federal Family Education Loan programme - here the educational loan is issued by the bank, credit union or the school.
2. Federal Direct Loan programme - the loan is issued by the department of education.
3. Private Education loans- here the loans are not endorsed by the government agencies. They are provided by the financial institutions. The private education loan programme is optimum for both undergraduate and graduate studies. However, the draw back of the private educational loans is that the rate of interest high and there is no grace period.
4. Student loan consolidation – the several loans are consolidated into one loan. This makes monthly payment easier and affordable. The repayment period is also longer.
Sunday, June 8, 2008
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