Loan - Get Student Loan Easily!!

By: Subhash

Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually carry lower interests than other loans, and are usually issued by the government. At Student Loan Funding education funding is our only business. We deliver more funding options and higher approval rates than any other student loan lender. Apply today for quick credit approval of your college loan. Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually charge lower interest than other loans, and are also usually issued by the government. This article details how the systems work in different countries.

The most important expenses considered for granting loans are:
Fees payable to college or school
Examination fees
Library fees
Laboratory fees
Cost for housing, food and living
Purchase of books and uniforms
Travel expenses for studies abroad
Purchase of computers (optional)

Documents required for loan:
Education Loan Application Form
Two passport size photographs
Mark sheet of last examination
Schedule of expenses for the specified course
Bank statement
Proof of income (if applicable)

How do I apply?
You'll need to apply to bank for a new Student Loan every year that you're studying.

To apply contact Student Services:
By phone
By post

They'll send you an information booklet and application forms, which you need to complete and send back to Student Services. Once they've processed your application they'll send you a loan contract which you need to read carefully, sign and return with any other documents they ask for.

Standard repayment plan:
This is the original repayment plan. With a standard plan, you generally pay a fixed amount each month for up to 10 years.

Graduated repayment plan:
With a graduated plan, your payments start out low in the early years of the loan but increase in later years. This plan is tailored to individuals with relatively low current incomes who expect their incomes to increase in the future. However, you'll ultimately pay more for your loan than you would under the standard plan, because more interest accumulates in the early years of the plan when your outstanding loan balance is higher.

Extended repayment plan:
With an extended plan, you extend the time you have to repay your loan, usually from 12 to 30 years, depending on the loan amount. Your fixed monthly payment is lower than it would be under the standard plan, but again, you'll ultimately pay more for your loan because of the interest that accumulates under the longer repayment period. Note: Many lenders allow you to combine an extended plan with a graduated plan.

Income-sensitive repayment plan:
With an income-sensitive plan, your monthly loan payment is based on your annual income. As your income increases or decreases, so do your payments. If you're married, your joint income is used to calculate your required monthly payment. Not every lender offers this option.

Loan consolidation:
Loan consolidation is technically not a repayment option, but it does overlap. With loan consolidation, you combine several student loans into one loan, sometimes at a lower interest rate. Thus, you can write one check each month. You need to apply for loan consolidation, and different lenders have different rules about which loans qualify for consolidation. However, with most loan consolidations, you can choose an extended repayment and/or a graduated repayment plan in addition to a standard repayment plan.

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