The State of Ohio works together with Student Lending Works to make it sure that people can have easier access to college loans in Ohio. It’s not like that SLW is the only loan lender in Ohio, but the reason to consider it is that it is a non-profit and works off tax-exempt funds. That’s why you can get loans from SLW in less.
Types of Student Loans Available in Ohio
Its necessary to know about that what type of student loans is available to you in your state before going to get any.
There are three types student loans available to you in Ohio:
1. Federal Loans, which are guaranteed by federal government and are widely available. Always apply first for federal loans.
2. State-sanctioned alternative loans, these loans are available from state higher education agencies. These loans are reliable source for meeting your remaining financial balances on your education when federal loans fall short for completing your education bill.
3. Private Student Loans, private lenders offer these loans even from your hometown bank. Always keep private loans as your last resort and keep your eyes wide open before borrowing that. Just beware of the built-in fees because than can drive up the final cost of the loan.
Ohio Federal Student Loan Products
Student Lending Works (SLW) provides Federal Family Education Loan Program (FFELP) that includes:
- Stafford Loans, the most popular and widely disbursed student loan in America. Stafford loans comes in two version; Subsidized and Un-subsidized. These loans are available for students with financial need and for non-needy students also. This is a most affordable loan with low interest and fees. These loans are available for both grad and undergrad students.
- The Grad PLUS Loan is specifically designed for Grad and Professional students. This loan provides financial hand to students when their Stafford meets the lifetime limit. After Stafford loans, Grad PLUS Loans are the next best option for students to borrow. This is a credit based loans, so if you are having poor credit then borrow with a credit worthy co-signor.
- The Parent PLUS Loan is for the parents of undergrad students. When you child’s federal loans are paid out then you can apply for this loan.
On SLW website you can find borrowers college planning tools, online account management, loan applications, repayment guidance, student loan calculators and also current loan industry news.
Technorati Tags: Ohio,Student,college,Federal,education,cost,Loan,FFELP,Stafford,
Grad,PLUS,Professional,repayment,students
