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Low-Interest Student LoansLearn all about finding Low Interest Student Loans.
If you're an undergraduate student and you don't have the credit or collateral to take out a loan, try the Federal Parent PLUS Loan. It has a fixed low interest rate!
It IS possible to find a student loan at lower interest but in order to get one you have to know where to look and typically you have to meet some criteria. A list of factors can be found in this article Need a Cheap Loan? Go For Low-Interest Rate Loans. Most college students will not be able to meet the entire criterion, however, the more you meet, the lower rate you'll be able to find.
One low interest student loan is the Federal Perkins Loan. This is a government funded loan for those who are in financial hardships. The Federal Perkins loan charges a 5% interest rate.
Other low-interest loans are available for those who know how to find them! Click on the above link for some ideas.
Other Low-Interest Student Loan Articles
Low Interest Student LoansWhenever you are going to apply for a student loan you will want to apply for one with a low-interest rate. This makes a big difference particularly with student loans, because they tend to be large.
Acquiring the lowest interest rate you can find is very important. It will save you loads of money in the future. For example, if somebody obtains a 6 thousand dollar, 5-year loan that has an interest rate of 10%, his monthly payment will be $127.48. Whereas, if a different college student obtains the same loan for the same time period (5 years) with 6% interest he will only have to pay $116. The difference is more than $10 a month! When 5 years is up, the guy who obtained a 10% interest rate will have forked out $688.86 more than the guy with a 6% interest rate. Don't end up paying more than you have to.
Finding a low interest student loan may be a little tricky but well worth it. To help you, here's a list of things that'll allow you to acquire a low-rate loan:
Stafford college loans provide lower interest rates than a private loan or alternative student loan, but slightly higher than Perkins loans. Stafford student loans are available to students enrolled in college at least half-time and the loan has a variable interest rate that changes every 12 months.
Perkins Loans offer an interest rate of just 5%, and are available on a first come first serve basis. Nevertheless these loans are only available to students in extreme financial hardship situations. The payments span over 10 years and can be canceled in certain circumstances.
Low rate student loans can be found if you understand where to look and what the requirements are.