What do students need in order to get a loan?
There are, of course, some requirements that need to be met in order to be able to receive these types of loans.
Students need to be US citizens, or at least full time residents. Also, if students have any loans in default, or
if any refunds are owed on any title loans or grants, students may not be eligible. Lastly, male students under
age 25 looking to borrow the loan need to be signed up for selective service.
There are also other criteria which need to be kept in mind. Whether or not students can get a subsidized or regular
student loan and for how much, depends on their income. Other factors include their grade point average and the amount
of time they are attending classes. Also important is whether or not they are a dependent of their parents. The amount
of what can be borrowed is also related to what year of school students are in.
This type of loan can be a great way to help supplement the cost of today’s education. However, students need to
remember that it is a loan after all and will eventually have to be repaid. The interest rates are there to help
students afford the increasingly higher costs of tuition. Low rate loans
give students flexibility for repayment
and can help students when they need it the most.