If you are a student who wants to go to college but you do not know where to get the money, you should consider getting a student loan. The government, as well as the private sector has taken the initiative to help needy students go to a university, get a degree and have successful careers. Today, there should be nothing that can stop you from going to college. If you do not qualify for grants and scholarships you can always get a loan. However, before you get a student loan, you should know what things to expect. So, we have listed here some of the pros and cons of an example of quick student loans no cosigner, which is the Stafford loan.
If you want to get the Stafford loan, you need not go through a credit check. Funding is guaranteed by the federal government so your credit report is not used to determine your eligibility. Student loans come with very low interest rates because the government is not after the profit but want to help students get a degree and get good jobs. The repayment plans are very flexible. Students are given enough time after graduation to look for a job before they start making payments. Most student loans, including the Stafford loan, give students at least 6 months after graduation before they start making payments.
Now to the cons. Stafford loans have low amount limits, just like poor credit personal loans. The loan money you get will not be able to cover your entire college education. For first-year students, the maximum amount they can get is only $3,500. This is indeed very small considering the amount of college education today. It is also necessary to file the FAFSA before you can avail of the Stafford loan. FAFSA is something used by colleges to determine a student’s eligibility for various types of federal loans. Lastly, the use of money obtained from Stafford loans is limited. The money can only be used to pay for books, tuition and housing.
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