Student Loans

Posted by Amber White on

Although the least desirable form of financial aid and should be an ‘only-if’ option, student loans can be very helpful in assisting Mississippi students pay for their college tuition. There are a number of ways to obtain these funds.  The first and best way to get a loan would be to obtain a federal student loan.  According to the Federal Student Aid website, these loans usually have lower interest rates than most private lenders, allow you to repay after you leave school, and have more flexible repayment options.  The four different types of federal financial aid are Direct Subsidized Loans (eligible undergraduate students who demonstrate financial need), Direct Unsubsidized Loans (eligible undergraduate, graduate, and professional students that don’t have to demonstrate financial need), Direct PLUS Loans (eligible graduate or professional students and parents to help pay for education expenses not covered by other financial aid), and Direct Consolidation Loans (allows borrower to combine all eligible federal student loans into a single loan with a single loan servicer).  More information can be found on  Another option is to apply for loans through private lenders. Some private loan lenders include SallieMae, SoFi, Wells Fargo Student Loans, and Discover Student Loans to name a few.  These lenders do charge higher interest rates than the federal government and are less flexible, but they do provide the additional needed funds for school.  Whichever option chosen, make sure as a borrower to borrow only the funds needed because you will have to eventually pay everything borrowed back to the lenders. 

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