Primarily few people look forward for student loan search because there are scattered obstacles on the way. Only make simple strategy like this in your mind that federal loans first, and scholarships and grants you can squeeze and then state sponsored private loans.
The thing which most of students and parents don’t look is the aid opportunities available directly through their state of residence.
The Connecticut Student Loan Foundation (CSLF), in tandem with its affiliated lender, Susie Mae, administers the Federal Family Education Loan (FFEL) program to state residents, plus an affordable alternative loan.
Available Federal Loans for Connecticut College Students
The Susie Mae Stafford Loan should have to be your first option while applying for financial aid. Stafford loans are for graduate and undergraduate Connecticut students. Stafford Loan usually comes in two types: Subsidized and Unsubsidized. You can qualify for one or both, that depends on your household income and expected family contribution. The main benefit of Stafford Loans is that there is no credit check and it’s relatively affordable in the realm of student loans. Apply for Stafford Loans by using FAFSA and make it sure to file it before the deadline.
A quite new addition to the FFEL program is the PLUS Loan for Graduates and Professionals. Susie Mae manages this federal loan. This federal loan is offered to grad students who have met the borrowing limits on their Stafford Loans. Its affordable, guaranteed federal loan for students to balance their education costs.
For Connecticut parents there is a federally guaranteed Susie Mae Parent PLUS Loan. So that they can use this product to borrow up to the full balance remaining of your child’s college tuition once his or her other loans and grants have all been paid out. Parent PLUS Loan is a credit-based loan, which offers an affordable alternative to spender financial options.
Get a Private Student Loan in Connecticut
Private student loans should have be the last option when you are looking for ways to pay for college. These are also called alternative loans, private loans are credit based and usually come packaged with higher interest rates and fees. But that depends on you to use private loans appropriately so that it can help you to squeeze the final dollars you must have for your college education.
The CSLF designed the Solutions Alternative Loan for State Students. This loan is having 60 days grace period prior to repayment and lowers than average interest rates.
