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When it comes to getting a college education most people can agree that the costs can be staggering at best. Even the least expensive colleges in the nation can add up over a four or five year period of time creating crippling debt for those who do not qualify for some of the better grant programs or scholarships. For high school students who excel the obvious funding choice for their college education if they are from a disadvantaged background is a grant or scholarship. The problem is that several of these programs take into account the financial position of the students family. Many students that apply for free financial aid that is based on need find that their parents earn too much money. There is also only a limited number of scholarships available to students based on academic merit. Even if you do qualify for the later, there is no guarantee that your application will be successful. So how do you pay for your education without free financial aid? The answer is a student loan. There are three different types of student loans we will mention here: subsidized, unsubsidized, and Perkins loans. Perkins Loans - Perkins loans are made available to students with exceptional financial needs. They carry a low interest rate and are available to both undergraduate and postgraduate students. Perkins loans are repaid directly back to the university they had borrowed from (which is a key difference from the other types of loans). Subsidized Loans - Subsidized student loans are loans in which the interest is deferred until graduation or you cease to be a qualifying student. What this means is that while you are responsible for repaying the loan upon graduation the interest on these loans does not begin to accrue until your begin repayment 6 months after graduation or you cease to be at least a half time student of the university. You must qualify based on your income in order to receive a subsidized student loan. While the needs requirements for these loans isn't as grave as those required in order to receive a Perkins loan, you must still qualify. Unsubsidized Loans - Unsubsidized student loans do not require qualification on a needs basis. You must be a student and enrolled at least half time in order to receive an unsubsidized student loan. The good news however for those who do not qualify based on needs for other student loan options is that this type of loan is available to all qualifying students regardless of need. The interest on these loans however begins to accrue immediately, which means they can really add up over time.
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