Studying abroad is everyone’s dream. That is because there are many more prestigious universities there. However, because of the high costs, you incur, studying abroad becomes difficult to achieve. Though you can find out about how to get a student loan.
Through loan funds, you can study abroad without bothering about the costs. However, you must still pay it according to the agreement. Let’s jump into 5 ways how to get a student loan:
1. Federal Stafford Loans
Of all types of college money loans, the most popular is this type of loan. So, students can borrow money from the country of study with special terms and conditions. Generally, the conditions are easy especially if the conditions are urgent.
However, students must meet one specific requirement. Students must pay interest on these loans. Generally, this is done during college. The government provides different loan amounts depending on the duration of the study of the student.
2. Parent Plus Loans
The mechanism of this tuition loan is not always to direct students. But the mechanism for college loan money can also be through parents. Parent PLUS applies this. So, the lender will give money to parents to be used specifically as children’s tuition.
The loan itself is unlimited by the amount. So, the possibility can be at once in large numbers. But, what must be considered is the average interest payment of around 7.21 percent per year.
3. Perkins Loans
Studying abroad will always be expensive, especially if you choose a prestigious major. The tuition fees for this faculty will definitely be higher than the others. To be able to pay off tuition fees at extraordinary rates, you can take advantage of Perkins Loan’s facilities.
Perkins can provide large loans at one time. It can even be up to $ 20,000 per student. The interest itself is around 5 percent and must be paid in accordance with the agreed time. After graduating, you can certainly pay off the debt.
4. Private Student Loans
Some tuition lending institutions have fixed provisions. But, there are also several agencies that can provide negotiable loans. One of them is Private Students Loans. So, you can make loans with terms and conditions that you can change.
One of them is that you can adjust the average interest yourself. If at other lending institutions the interest can be up to 10 percent, here you can get far below it. These loans are usually through private parties, whether banks or non-governmental institutions.
5. Intra-Family Loans
If you still wondering how to get a student loan you can try this loan. The concept of this loan is almost the same as Parent PLUS Loans. However, at Intra-Family, you will borrow from your own family. Although you borrow from the closest person you borrow professionally.
Certain parties arrange loans through this family, so the student cannot be corrupt at all. The advantage of this loan for you is that the interest is very low. In addition, there are no complicated terms and conditions.
That is an explanation of how to get a student loan that you can easily do. There is always a way to achieve the dream of studying abroad even for those who do not have money. As long as you have the intention any tuition can be paid for.