The US offers two means of obtaining a student loan, one is through the federal government and the other is through private lenders. This article will be discussing the federal loan and its four main programs. To obtain a federal loan you have to fill out a form called the Free Application for Federal Student Aid (FAFSA) and choose any one of the four federal programs.

The four main federal loans are:

1. FEDERAL STAFFORD LOAN
2. FEDERAL PLUS LOAN
3. FEDERAL GRADUATE PLUS LOAN
4. FEDERAL CONSOLIDATION LOAN

FEDERAL STAFFORD LOAN:

The Federal Stafford loan is opted by students, who do not want to depend on their parents and have a loan straight on to their names. The loan is backed by the government and there is no credit check, no need for proof of income or assets. It is to be repaid back when the student graduates. Most students as soon as they graduate quickly search for a job and start repaying back the loan.

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It is really difficult for the undergraduate students to start earning while studying so that they can pay for tuition fees. We are just talking about those students of whom parents are in not so good financial condition or those who are from other countries. These students are considered just like other students and are never let alone. They are given a gift of undergraduate student loan. The loan is accessible everywhere and can be searched from different sources. The government really encourages these students who want to carry on their studies rather than working in such an age.

There is a choice for the student to take either the government or the private undergraduate student loans. Lending companies or firms basically manage the guaranteed funding sources that are provided by Federal Government. The companies work with the colleges and universities. The application form for the FAFSA (Free Application for Federal Aid) is available online for a student who wants to go with the government student loan scheme.

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The biggest hurdle which student face while planning for college is the student loans for their college education. There is no need to get confuse in West Virginia because you can get comprehensive information regarding student loans from West Virginia Higher Education Policy Commission (WVHEPC).

You can find following information on WVHEPC website:

• Latest news about financial aid
• College planning tools
• Resources for lenders and schools
• State loans from West Virginia state and financial aid programs
• Federal Student Loans

  

First Choice Federal Student Loans

The major reason for opting federal loans first is that they are the most affordable loans. Its Stafford Loans are one of the most popular and most disbursed loan in whole united states, with so much beneficial features like no credit check, low interest rate, low fees and almost every student qualify for some level of aid on Stafford’s. Second reason is that number of other student loan requires you to have applied first for federal student loans.

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There will be only few students that can afford to pay from their own pocket for college in America. While most of student’s needs financial support to continue their studies, that’s why majority of student apply for student loans.

Alternative loans are good choice when you all other loans are paid out. Alternative loans are also called sometime private loans. Alternative loans mean borrowing other type loans instead of federal loans. The government guarantees federal loans while on other hand alternative loans are based on your credit worthiness and the total amount of your educational costs.

When Alternative Loans are needed?

Though alternative loans can help you to pay for college but that is not a perfect solution. Apply for private loans when already you paid out all of your federal available resources. File the FAFSA so that you can be considered for grants because you don’t have to back the grants. If grants fail to cover your college expenses then see if you can qualify for Federal Stafford Loan, Federal Perkins Loan or the Federal PLUS Loan and if you are doing graduation then apply for Grad PLUS Loan. All of these Federal loans are having low interest rates and government guaranteed.

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