Here are some student loan options available to working adults
ALTERNATIVE STUDENT LOANS
Some students may need additional loan funding after maximizing their federal loan options, or may not be eligible for federal loans and still need to borrow towards their education. Many lenders offer private alternative loans to help students meet the gap between financial aid and college costs.
Students must either meet the credit criteria of the loan for which they are applying, or have a credit-eligible co-borrower. Many of these loans also require enrollment in six or more degree credits per semester, but there are options for students studying in non-degree classes or enrolled in less than half-time status.
IMPORTANT FACTS ABOUT FINANCIAL AID
The most attractive educational loans are subsidized loans such as the Federal Stafford and Perkins Loans. Subsidized loans require no repayment and accrue no interest while the borrower is in school. Students who do not qualify for these loans may still qualify for the federal Unsubsidized Stafford Loan Program, or a loan from an alternative lender.
As with any loan, make sure you fully understand the interest rates, repayment terms, and tax implications. Find out whether interest charges are variable or fixed, whether the loan has forgiveness or deferment provisions, whether you can consolidate the loan with other loans, and whether it carries prepayment penalties.
Borrow only what you need. Remember that loans must be repaid even if you do not finish school. Your education is a substantial investment. It’s one of the most important decisions you can make for your future. Take time to learn all of your financial aid options before you make any decision. For more information on repayment, click here.