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When speaking to college students or soon to be college students you will find that their biggest fear other than not making the grades that are needed is how they are going to pay for their education. This also goes for the student’s families. Everyone is feeling the financial pressures of learning the ins and outs of paying for school.

There are many different types of student loans available to the new or existing college students. In order to receive these loans you will need to be well educated in how to apply for these types of online payday loan and you should also know exactly how these loans work and the guidelines for these loans.

It is important to remember that once graduation rolls around or even if the student is no longer attending their college classes that each of the different loans will need to be paid back to the lender.

Types of Student Loans

There are many different types of student loans that will all offer different requirements, criteria and repayment time periods.

The first of these loans is the direct student loan.  This is a loan that is scheduled to have the repayment time period begin six to nine months once the student has completed their schooling. This loan is dispersed through the actual school that the student is attending.  This will help the interest rate be much lower than that of a Guaranteed Student Loan.

A guaranteed student loan is the most popular of the student loans. It is also known as the Stafford loan.  The advantage of these loans for bad credit is the interest rate. This loan will usually have the lowest interest rate around.

These loans will be offered either subsidized or unsubsidized. With a subsidized loan the government will pay the interest for you while the student is still attending the school. This type of loan is based on financial need so you should be prepared to prove financial need when you are applying. The unsubsidized loan means that the student will be paying the interest on the loan while they are attending school.  Once the education is complete of the student is no longer attending the school the principal balance repayment period will begin. Usually the repayment period on both of these loans will be between six to nine months after being out of school. Either through graduation or no longer attending classes for some other reason.

There is also a loan that is made for the parents of a college student. This loan is called the Federal Parent Loan or PLUS loan as they are commonly known as. Even though this loan is not based on the income of the parents a credit check will be required. A lender will not want to lend money in the amount needed for an education to someone who is not responsible with his or her money.  If the credit rating is good there should not be a problem as long as the student is enrolled in school at least part time.

Conclusion    

When looking to receive a student loan to help pay for school you should probably meet with a financial aid counselor at your school. This counselor will help you to understand the loan material so that you can gain the most money available for you.