Personal Student Loans Offer Free Money For Tuition and More
November 23, 2011 – 6:26 pmIn today’s poor economy and depleting job market, more and more college students are turning to the option of personal Student Loans to help them get through the financial obstacles. As tuition is obviously the most exorbitant assessment, the smaller and more unexpected expenses can often be the ones that create the secondary barriers to continuing their education.
The costs of books, supplies, test and exam fees, lab fees, travel, laundry, field trips, food, rent, computer equipment and software are seldom, if ever included and tuition but are still detrimental tools and necessities needed to productively achieve an education. These costs can be financially exhausting to the struggling student.
While college loans are commonly used for tuition by American college students, it’s a little know fact that there are also personal student loans available to college students designed to help them over the hurdles of all the additional expenses they’ll encounter. You actually can apply for personal student loans to buy books and supplies, a computer, bus basses or gas for your car, lab fees, software, research materials, even food and rent.
Personal student loans are pretty much just that, personal. You spend the money on what you want or need at your own discretion, without collateral. A bank or lender will discuss your personal needs and financial situation with you, determine a reasonable amount of money that you will afford to pay back at a later date, and the money is yours to invest as you need or so choose. So be careful not to squander it!
The only requirements to acquire a personal student loan are:
You are enrolled at a recognized accredited college or university
You have a current certificate of enrollment or similar documentation
Proof of residence for the past two years
You may be subject to a credit check by some banks and lenders, or you may need to provide a cosigner. However, there are also some agencies that will offer certain no cosigner student loans as well. You’ll want to investigate all your options when applying for personal student loans to find the one that best suits your needs.
Even if you are entering college on a scholarship program, or have received free government grants for college, you will still be faced with many hidden costs and unexpected expenses. Be prepared! Explore the option of personal student loans so you’re prepared should any unexpected financial obstacles come your way.
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