Pay your college fee with Student Loans

If you do not have your own resources for finance upcoming academic expenditure and planning for obtain a loan to arrange necessary finance, then government funded student loans could be the most suitable choice, because of its much lower interest rate than any other private lender. Federal government usually sanctions this loan with an objective to help the students and so funded the amount from Finance Aid Program. Since July 1, 2020 that all loans have been distributed through Direct Loan Program and private lenders have no longer role in processing these loans. So, you should be cautious before approaching to those agents or private lenders offering guarantee to obtain a federal government provided loans for you.

You can visit durect.ed.gov to get detail information about various offers from such loan program and also visit fafsa.ed.gov to know detail information about the procedure for applying student loans from Federal Government’s Direct Loan Program. Free Application for Federal Student Aid (FAFSA) is intermediary online service acting like government appointed agent to process loans for bad credit applications. Applicant’s mainly use their service to apply government funded loans and you can get detail list of supporting documents required to submit along with the filled up prescribed application form. You also download application form this site.

Private loan providers

You could also find many banks, large finance lending organizations and other private lenders in the market offering student loans at different interest rates, but their interest rate is much higher than government provided loans. They also have some basic and common eligibility criteria for apply to them. You must have to be an US citizen, permanently resident of any state of USA, have a reasonably good credit score, fixed source of monthly income and a bank account active for last six months. These regular lenders of the market also require you to submit various supporting documents along with the main application form.

On the other hand, you also could find many internet based lenders in US offering student loans. They do not require such formalities of manual application submission and providing supporting documents. You can easily apply to then through fill up online application form on their web page and submit. But, it is advised to shop as much as possible to find out most suitable lender with competitive interest rate, if you decided to obtain such loans from any online lender.