Education is supposed to be quite accessible to everyone regardless of social status. It is a basic and fundamental right to get a good education but it can be pretty expensive. Unless wealthy parents or guardians back up students or if studying in affordable schools, scholarships may be applicable. On the other hand, scholarships do not exactly cover all the costs of schooling and student loan interest rates are forever too heavy to handle. As a student well knows it's not just the books to buy (or to borrow), it's also the lodgings, the food and drinks, the little projects in between and the clubs (as well as the occasional parties). It may be time to consider an educational loan.
To start, let's look at ways of financing education. Always ask for federal loans first, especially for student teachers. This simple rule is applicable to all US states. No matter how juicy a private loan may look, federal loans are the first to consider because for one, they are available for every one and usually, the most reasonably priced. The next to consider are alternative student loans or graduate student loans (as well as an international student loans) for students living as private students studying in private schools. In some ways, alternative student loans may be used to partner with the student's Stafford loans, as the latter may not cover everything.
If you are living near the Great Lakes, here's a list of options for those educational loans:
- Great Lakes Educational Loan Services - This Company has a name that is incidentally the same as the Great Lakes of America. It is a nonprofit organization with some 2,000 schools to cover and as much as one billion dollars as loan money. This is primarily a federal organization, so Great Lakes has great annual rates and may cover almost all students who want to apply. One of its packages is the Stafford educational loan for post-secondary school students. Being of low interest, the student may be able to apply for this loan when: he/she is a US citizen, he/she is eligible for a loan regarding the financial needs part, etc. Check on your local Great Lakes branch or surf online. Stafford loans are given to those who have at least a high school diploma.
- Michigan Educational Credit Union - This is one of the most popular organizations to go when (where else?) in Michigan. Students may avail of loans through mail, fax, online or personally. Money may then be sent through mail or through the bank, as a deposit. More details are supplied by phoning the local offices (734-455-9200) or by dropping an email at email@example.com.
- Student Lending Works - This Ohio-based company provides undergraduate students Stafford loans with an interest rate of about 6%. Like the Great Lakes, this company also offers with a special feature to delay payment of loans to within 6 months after the graduation day. The best part of this loan is that the student can get loans in a direct way. He will not need someone either to co-sign the transaction nor mind the status of his credit.
Other companies that students may consider are the Chase Company, ACS or Wachovia, etc. Pick out the company as well as the loan that suits your needs. Education is not free but with great knowledge comes great future monetary earnings. Try out what educational loans can do to your life as a student and your future life.