There are four main types of AES student loans. These low interest loans are available to both U.S. citizens, and eligible non-citizens. They also have very flexible repayment terms so it is in your best interest to know the details of these loans, if you are planning on attending college.
The Stafford is available to all students regardless of your credit history. There is no credit check and a cosigner is not necessary at all. The only requirements for this loan are that you don’t have an outstanding student loan, and you agree to start making payments on the loan after you graduate. There is a 6 month grace period after you graduate to give you some time to get a job and you can even apply for an extension if you haven’t found a job after that 6 month period has passed.
The Graduate Plus Loan is also an AES student loan that is a supplement to the Stafford loan. This can be applied for if the Stafford loan is found to not be sufficient to cover college expenses. Payment terms are similar to it’s counterpart and interest rate charges incurred are tax deductible.
The Parent Plus loans are designed specifically for parents or guardians who are planning to undertake the cost of college for their children. These loans cover everything from the cost of living, to the books, food etc. Bad credit can disqualify an applicant but approval conditions are much more lenient than your regular commercial bank.
Alternative Student Loans are the final of the four AES student loans types. These are basically the last option after all other loan types have been exhausted. The interest rates are somewhat higher and the repayment terms are not as flexible as the previous options because these loans are not taken form federal funds.
Though college is an expensive undertaking, the benefits will carry you through life. Consider it an investment in your future that deserves some serious consideration. Just remember that AES student loans are there to help to bridge the gap.
Source by Jeff Bowen