Deciding on furthering your education when it comes to art? A college education will be expensive so you might want to take a look at low interest rate student loans to cover the expenses of college tuition and other needs. Why a low interest rate loan? Interest rates can make the difference between being able to pay back your student loan in a timely manner versus struggling to repay it for many years to come. Finding low interest rate loans is even more important with today’s economy.
Student loans for college are available from many more sources than there once were because of the Internet and numerous private lenders that are willing to offer loans to new students. With so many sources available it is possible to do comparison shopping to find personal student loans or even a bad credit private student loan at lower interest rates.
You can go on the Internet and fill out an application for Federal Student Aid which is a free service. There are physical applications that you can use instead of one from the Internet if you prefer. The financial office of the school you attend can usually help you with this process. When you use the Internet application, the waiting period for an answer to your application is usually just one week where a paper application can take more than a month. The online application will be sent to your college and will assist them in determining your financial aid package.
To acquire low interest rate loans from banks or from personal lines of credit that originate from your own financial institution, it will be necessary for your parents to be cosigners on the loan. One way to find low interest student loans is by using social lending like peer to peer lending sites online. Although there are legitimate social lending sites online, there are also Internet scams as well. A scam will want a fee for information about either a scholarship or student loans, so be extra careful when going online.
Scholarships And Grants
Another option is to look into grants that do not need to be repaid after the schooling is finished. There are numerous scholarships available from foundations, organizations and different groups that are available and are legitimate. Another way to save money is through debt consolidation because when you combine your outstanding debts you can usually not only find lower interest rates but you can also get lower monthly payments.
Once you have graduated it is usually a really good idea to go ahead and consolidate your debts from your student loans that most likely all have different interest rates. If your student loans are from the federal government then you can easily go back to the bank that funds your loan and fill out an application through them for a consolidation to be able to take advantage of the low interest rate student loans that are available today. You can also go to the United States Department of Education online who offer a website with a ton of information about consolidating your student loans. However you decide to go about acquiring your low interest loan it will be well worth the effort.