Accounting Student Loans for College
Does Everything Add Up This Year?
Entering the accounting field? Depending on what type of accountant you wish to be your aspirations could carry you through graduate school. A college education like that is expensive. Most students who enter the accounting field are interested in completing their undergraduate study, then moving on to graduate courses and finally being certified as a public accountant.
Find the loans you need for accounting programs through the federal government, state-based loan programs, and private lenders.
Federal Student Loans for Accounting Students
Federal student loans come from two sources: the federal government administers the Direct Loan Program and commercial lenders may sponsor the Federal Family Education Loan Program (FFELP).
Low interest rates, flexible loan repayment terms, and no credit checks characterize many of the federal loans:
- Stafford Loans are by far the most popular student loan, including subsidized and unsubsidized variants. Interest rates are dropping: from 2007 to 2012 the Stafford Loan interest rate will be incrementally reduced from a fixed 6.8% to a fixed 3.4%. This may well be the lowest rate going. Undergraduate and graduate accounting students are urged to apply every year for federal loans. Apply with the online Free Application for Federal Student Aid (FAFSA). Best of all the Stafford Loans are no credit check loans.
Following graduation you’ll have a six-month grace period before your loan repayment begins.
- If the federal government determines that you have exceptional financial need you may be eligible for the campus-based Perkins Loan, also available to undergraduate borrowers and graduate student loan applicants. The Perkins is much less common than the Stafford Loans due to limited funds. Each participating campus is awarded a certain chunk of money to cover Perkins Funds. Monies are meted out to eligible student borrowers, including accounting students, on a first come, first served basis. How do you get a Perkins Loan? The real key is applying early, with the FAFSA and with college applications. Good news for accounting students with bad credit: Perkins Loans are no credit check loans.
Perkins Loans do not enter repayment for 9 months following your graduation.
- Graduate accounting students, if your Stafford Loans fall short of the full cost of college you might consider applying for a PLUS Loan for Graduate and Professional Students. This is a low interest, credit-based loan that may just give you the financial muscle you need to pay off the balance of your cost of college. If you are trying to borrow a PLUS Loan with bad credit you’re best strategy is to use a co-borrower. This may be a trusted friend or family member that does have good credit. Once loan repayment begins you’ll have the opportunity to prove yourself when you meet your monthly payment obligations on time. Use a chance like this to improve your credit record.
Here’s a tip for PLUS Loan borrowers: Fail to file a FAFSA and you eliminate your chances for approval.
Private Student Loans for Students in Accounting Programs
Should you require additional college funds you may consider carefully the wide variety of private student loans available from almost any commercial lender. Private or alternative student loans often feature high loan limits, variable interest rates and an assortment of borrower benefits and incentives. Expect credit checks. With a poor credit history you’ll have to try applying with a credit-worthy co-borrower. Manage your student loans responsibly; only apply for private student loans once you’ve been approved for your federal loans. Then only borrow what you absolutely need.
Browse our list of lenders . You’ll discover a wide assortment of private loans, many of which are well suited to an accounting student.
**Example:
Sallie Mae, one of the most prolific student loan providers, offers five slightly different private loans for undergraduates: Signature Student Loan, Tuition Answer, Signature Student Loan for Community Colleges, Continuing Education Loan, and the Career Training Loan. Each could be tailored to the needs of an undergrad pursuing an accounting career.
Continuing Education Loans for Accountants
Job titles such as Certified Management Accountant and Certified Internal Auditor are in demand and very selective. Continuing education may be required after you get a CPA to qualify for one of these jobs. Few short-term training programs qualify for federal aid. More than likely you’ll be shopping private lenders for short-term private loans like those offered by Sallie Mae.
Manage your student loans as carefully as you would a client’s financial books and you’ll come out in the black.
