West Virginia Student Loans
West Virginia Higher Education Lenders and Loan Programs
American Education Services (AES) is one of the leading national student loan agencies providing an array of specially priced federal loans and a couple exclusively tailored to specific state borrowers, such as West Virginia. The realm of student loans can be confusing not only from a financial standpoint, but also from a provider perspective. Between loan guaranty agencies, lenders, servicers and providers, it’s often hard to know whom exactly is financing and managing your loans; and they are federal loans, to boot.
The Federal Loans
All students are required to apply for federal loans. The most common, of course, are the Stafford Loans. There are Perkins and the PLUS Loans, in parent and graduate student versions. You will not be considered for any type of alternative loan unless you’ve completed this step. And many scholarships and grants require you file a FAFSA, as well.
AES Stafford Loans
AES and partner lenders offer West Virginia students Stafford Loans that are wrapped in a “zero-fee” package purported to be one of their best deals. You can apply directly online and get a quick turnaround on your application. Once you know how much you qualify to receive in federal loans then you know how much you need to borrow in an alternative loan.
Alternative Loans Satisfy Tuition Balance
When your federal loans have been disbursed to your college you then know how much you still have to find in loan money to make up the difference. Unless you have a rich and generous relative you will likely be shopping for alternative student loans. Students are urged to explore as many lenders as possible that offer private financial options.
Applying
Alternative loans require you submit to a credit check when you apply if you are borrowing on your own. Unless you have a record of good credit, which means you must have some credit established, you might just start looking for a co-borrower who has good credit. Many students use a parent or other relative. And statistics show that nearly half of all undergrads need to use a co-borrower.
Repayment
Don’t be surprised when your lender requires you to begin monthly student loan payments on your interest as soon as your loan is disbursed. You want to make sure you do not default on these. However, if you really have problems paying, your lender may allow you to defer payments, another perk of working with a company that specializes in student loans.
Special Loan Repayment Plans and Consolidation
If you have multiple federal or private loans and struggle to meet monthly payments you may be a candidate for loan consolidation. However, many lenders have suspended consolidation programs due to costly federal fees for making such products available. IN their place, though, you’ll discover that an extended loan repayment schedule has been added to the repayment options. While not a consolidation, per se, an extended plan does offer borrowers the option to stretch out loan repayment and significantly lower monthly payments.
