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low interest student loans

The Two Major Types of Low Interest Loans

We've established that the preferred type of low interest student loan is a Federal loan. Now let's concentrate on the two types of Federal loans that offer manageable low interest rates and repayment plans along with other substantial benefits to students struggling to finance their higher education.

Stafford Student Loan

The Stafford is a low interest Federal loan that is designed to help students with little to no credit afford college. The Stafford loan is intended as a supplement to the students own financial resources, scholarships and/or grant money. As a Federal student loan the Stafford uses different criteria in granting loan applications than a standard lender like a bank. Rather than basing your worthiness on a credit score, it is based on whether or not you fall within the eligible income bracket, if you are attending school at least half-time and if you have no history of defaulting on a loan.

The Stafford loan program offers subsidized low interest student loans to qualifying applicants. The interest rates for the 2011 – 2012 school year are currently as low as 3.4%. The Stafford program also offers unsubsidized loans depending on the students needs. These unsubsidized loans are currently offering fixed interest rates of 6.8%. Of course whether you qualify for a subsidized or unsubsidized loan will depend on your circumstances as determined by your FAFSA application.

The Stafford Federal loan program offers borrowing limits up to $20, 000 per year depending on the status of your degree and the number of years you have been in school. The Stafford also allows students to defer payment while they remain enrolled in college which means you can concentrate on your studies and give them your full attention. One of the prime benefits of the Stafford student loan program as it offers loan forgiveness programs for graduating students who perform public service or take up teaching posts in underfunded and low income schools.

Perkins Student Loan

The Federal Perkins Loan is another Federal loan program that provides opportunities for low income students. In order to qualify for this loan you need to show exceptional need. Most students that qualify for a Perkins loan are also eligible for the Federal Pell Grant program -another form of financial aid designed to help low income students realize their college dreams. If you qualify for this type of low interest loan, you will be pleased to know that it is subsidized as well. Perkins is currently offering low interest student loans at rates as low as 5%.

As with other Federal student loan programs you will be able to defer payment on your secured loan while you are enrolled in classes. Further deferments are available for students who are subject to greater economic hardships. Also, in accordance with the Higher Education Act of 1965, some loans may be eligible for loan cancellation in exchange for teaching services at low income schools.

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Interesting facts

  • Gesa Stadium (formerly Dust Devils Stadium) is a baseball-only stadium in Pasco, Washington, and is the home field of the Tri-City Dust Devils minor league baseball team. It opened in 1995 as Tri-City Stadium for the WBL team Tri-City Posse. The Posse left Tri-City Stadium when the Portland Rockies arrived to become the Tri-City Dust Devils. It...
  • The Tri-City Dust Devils are a minor league baseball team in Pasco, Washington, United States. The Dust Devils are a Short-Season A classification team in the Northwest League and have been a farm team of the Colorado Rockies since their inception in 2001. The Devils play home games at Gesa Stadium, formerly Dust Devils Stadium. Opened in 1995...

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