Investing money in education is a long-term investment that can turn out to be very good dividends. In addition, education allows a person to constantly develop himself, and in the long term rely not only on a stable income, but also on a confident career growth. Naturally, you can count on this only if you get a quality education.
Note that despite the traditional misconception about the high cost and inaccessibility for ordinary people, almost every foreigner can enroll in an American university. Moreover, for this, it is not at all necessary to be fabulously rich, since you can use the lending programs available in the United States.
Loan programs for residents
For several decades in a row, consumer loans for education in the United States have been special government programs. At the expense of the state and credit funds, many American citizens have the opportunity to get education, regardless of age. In the United States, educational borrowing programs are divided into four groups: federal loans, consolidated loans, private lending programs, and parental loans.
Parental consumer education loans have a maturity of 10 years, with a 2-month grace period, with a monthly payment of $ 50.
Federal educational loans are provided to students by an educational institution or a banking organization that has passed special state accreditation. Students-borrowers have low interest rates on loans, while the state provides assistance in repaying loans to successful students. To obtain a federal loan, a student must prove that he / she is not well off. After graduation, the borrower is obliged to repay the loan on his own, for which he is granted a grace period of 9 months.
Consolidated loans are combined programs that combine several types of educational borrowing programs.
Private consumer loans for education are the difference between the amount of money that a student needs to pay for tuition and the financial support provided by the state.
Benefits of the loan programs
Like all loans, a private loan is not gratuitous and is repayable with interest. But the system of private educational lending is quite flexible, and interest rates are lower than with a regular loan, which makes it possible to draw up a fairly convenient payment schedule.
There is also a deferred payment option. Moreover, not for one year, as in many federal lending programs, but for the entire period of study. This means that the borrower must pay the first loan payment shortly after graduation. Typically, the loan term for such a program is 10 years. Most lenders do not charge a prepayment fee if the graduate has the opportunity to do so.
In addition, unlike most grants and scholarships, a private educational loan is issued to cover the cost of both the training itself and the costs associated with it (accommodation, transport, teaching aids, etc.).