Discovering the best student loan out there could take forever. That's because all student loans are different; they all vary. One loan to consider though is Sallie Mae's Tuition Answer Loan. This loan offers many advantages over other types of student loans.
One advantage to the Tuition Answer loan over others is that the money will be given directly to you, rather than the school. That means you can pay for your living expenses as well as tuition and books.
Another great thing is that there are no income restrictions to getting the loan. Also there is no deadline on when to apply, and no collateral needed.
You are allowed to borrow up to $40 K a year, to a maximum of $130K. And you are allowed to pay back some or your entire loan before your graduate if you wish. But there are disadvantages to this type of loan. For one, the interest rate for the loan will be the prime rate set by the government. So if the government raises the rate, your loan's rate will also be raised.
Federal student loans, on the other hand, have a fixed interest rate or none at all. So they would be cheaper than Tuition Answer loans, but not as flexible. There are requirements to getting the Tuition Answer loan. You must be a US Citizen and have a good credit rating. If your credit rating isn't so hot, you could get a cosigner for the loan. But the cosigner also has to be a US citizen.
Sallie Mae's Tuition Answer loan may be a great way to help pay for college. But look through all the advantages and disadvantages of these loans before deciding on any one.
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