- 1). Next source for College Education funding is a student Loan, which is a form of Financial Aid: those types of loans must be repaid with but the good thing is that they are offered at a lower interest rate. There are several types of Student Loans: Federal Loans, Parent Loans, Private Loans and Consolidation loans.
- 2). Federal Student Loans is the major source of student loans, they do offer better terms of repay compared to private student loans, besides a better interest rate, Federal Loans offer more flexibility in repaying plans. Every student can apply for a Federal Student Loan and credit history does not play any role in the approval process
- 3). After those sources are exhausted, a student may want to pursue venues such as private student loans, it can help with the rest of educational costs.
- 4). Consolidation loans are meant to simplify combined unpaid loan balances into one payment.
Students are encouraged to apply for loans to start and continue their education. If they are not able to repay the total amount, it is possible to be eligible for a "loan forgiveness" program, which may allow a student to pay off the loan balances with work for community or volunteering in public service.
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