Looking at Different Student Loan Programs

The cost of attending college can be great. Not everyone will receive enough scholarships or grants to cover the total cost of their education. This is where student loans come in. Trying to find the right student loan for your situation can be stressful. There is a lot of different terminology used - not to mention all the different interest rates and payback numbers. So, let’s take a look at a couple of student loan programs.

Sallie Mae is the number one student loan lender in the United States. Sallie Mae handles two types federal loans as well as private loans. If you’re in a continuing education program or are beginning an education program you can get a career training loan or a continuing education loan from the company with a minimum of $1,000.

Federal loans that are received from Sallie Mae can usually be used for living expenses as well as paying for college tuition. Living expenses for college usually includes things like a place to live (rent), a computer for school use, and even food. These federal loans offer a lower interest rate than private loans and usually have limited fees.

Undergraduates will also find many private student loans from Sallie Mae, including the Sallie Mae Smart Option Student Loan. This loan is for students that still need money after using all scholarships and grants and allows students to borrow up to the full cost of education.

Sallie Mae also offers international student loans for those that are going abroad to get an education. These loans have good rates, low fees, and allow you to choose your repayment plan.

The United States Governments can also help out a student in need of money for their college tuition. They provide another option apart from Sallie Mae, but it could be more difficult to get enough funds to cover a students entire education costs. These other two options are PLUS loans ans Stafford loans.


One of the most cost efficient student loans available for a student comes from the government in a Stafford loan. Stafford Loans offer the student a fixed interest rate that can be as low as 6%. This means the interest rate won’t change as the student pays off their student loan. Like most student loans the Stafford loan can be used on living expenses as well as tuition costs. A student needs to fill out a FAFSA for a change at getting a Stafford loan.

PLUS loans are the second type of student loan that the U.S. Government gives to students. Like most processes for getting money for college a completed FAFSA is required in order to be in consideration for a PLUS loan. PLUS loans are like other loans in that they are given to undergraduate students, but they can also be taken out by graduate students or parents of a student. As with Stafford loans, PLUS loans offer a low interest rate which makes them easier for the student pay off.

These are a few student loan programs that are available to students. Finding a student loan can seem like a daunting task especially when looking at all the costs and numbers, but not everyone can get their education cost completely covered by scholarships and grants. Student loan programs help you pay for a student’s education costs so they can focus on learning and not on paying.