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Can you tell me about the best student loans?

I would like to know about the best student loans. I need a loan to undertake my bachelor degree studies here in America. I have learned that there are both subsidized and unsubsidized loans. How does each of these work? I would also like to know how to get student loans. Is there a national student loan database? Where can it be found and what does it have? I hope that finding out about all these things will help me get a loan. I need it pretty soon to begin my studies.

Jan Berry

in Student Loans

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Ralph Lopez on May 18, 2018

The best loans for students are those that offer the lowest interest rates and the most flexible repayment schedules. You can choose from a number of available options. But before you do that, there is the matter of loans that are subsidized or unsubsidized. Drew University explains that subsidized loans don’t incur interests when studies are still going on, or when they are deferred. The interest for that period is paid by the federal government. Unsubsidized ones begin to accrue credit from the very onset. On the matter of how to get a student loan, you need to apply for it and show proof of your ability to repay. It helps to have some fairly reliable source of income and savings. Those who make regular savings can also make regular payments. That gives them a head start. However, your parents can also take a loan on your behalf. The following information can be helpful.

  1. Yes, there is a national database of student loans. In the United States, it is known as National Student Loan Data System (NSLDS) and is kept by the Federal Student Aid (FSA) office of the Department of Education. The FSA gets its data from schools, loan guarantors, loan programs and other sources. The FSA uses the data to track all student loans from approval to closure. Those who have outstanding loans can either get more aid, if needed or be denied the same, depending on their prevailing credit status.
  2. Application for the loans is done by accessing forms from the FSA, popularly known as the FAFSA forms, and filling them in. The forms can be easily found at the financial aid office of any university or other higher learning institution that one wishes to join.
  3. The loan repayment can be flexible if one applies for income-driven repayment at the time of applying. You can reschedule payments based on your income or family size if you have this option available to you. You may also get loan forgiveness, after paying off your loan for the first 120 months, if your circumstances prove difficult.
  4. Finally, you can also get loans from Sallie Mae, Citizens Bank, College Avenue and LendKey. All these are private lenders. You can check their interest rates and other repayment conditions from their websites. You can then choose. 


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