Info about Loans for Non Traditional Students
Just because you’re not attending college immediately out of high school doesn’t mean you’re not eligible for many of the programs offered to traditional students. Non-traditional students can reap some of the same rewards as those who just graduated. If you’re interested in learning about what loans are available to non traditional students, read on.
Subsidized and unsubsidized Stafford loans are very much available to the non traditional student. PLUS loans, which are generally offered to parents of students who are attending college, aren’t available to non-traditional students. Private lenders will offer alternative loans to those who don’t qualify for federal loan programs. The loans are not guaranteed, however. Your credit history will determine your interest rates and eligibility. Because these loans aren’t need based, you won’t be disqualified if you earn too much money. If your credit is not the best, someone can co-sign for your loan.
The amount of money you can receive depends on the lender as well as your credit history. Each lending institution has its own set of guidelines. Because of this, you’ll want to shop around for the best interest rates and payment terms. Because this is such a competitive field, you’ll want let this work towards your advantage.
There are several private lenders from which to choose. A sampling is provided:
Campus Door: Visit the Campus Door website at www.campusdoor.com. One of the benefits of this program is that you can wait up to a year after graduation to begin repaying your loan. This should give you ample time to find employment upon graduation. You don’t have to take this long, however; as the average is 6 months. Always read the small print though. If you’re not even a half time student by the time you graduate, you’ll have to repay the loan at 6 months past the point you dropped below half time instead of the 12 months. If you have cosigners, they can be released of their obligations after 48 payments on time. You’ll also need to be achieving a satisfactory academic basis.
Citibank CitiAssist Loans: Visit CitiAssist Loans at www.studentloan.com. There are origination fees and you’re awarded a maximum of the cost of your education minus financial aid. Your cosigner is released from his obligation after 48 on-time payments in a row, if your credit is favorable. You’ll have to repay six months after graduation.
Sallie Mae: Visit Sallie Mae at www.salliemae.com. Sallie Mae offers maximum of cost of education minus other financial aid. You can begin to repay 6 months after graduation and will be released after 24 consecutive on-time payments. If you’re an international student you may apply as long as you have a co-signer who is a citizen. You’ll have to pay origination fees for these loans.
Be sure to compare the various options available. Pay careful attention to your own financial situation and don’t borrow more money than you can pay back. Be mindful of deadlines and apply early. As you can see, student loans don’t only apply to traditional students. Everyone gets a chance for a good education.
