California Student Loans

California Student Loans

California Student Loans.

By: Ross Bainbridge

A large number of people get student loans to pay for higher education or pursue their career goals. A number of financial institutions in California offer loans to help students continue their education.

California Bank and Trust's PLUS Loan Program has been exclusively designed for parents who procure loans on behalf of dependent students. The students have to meet certain parameters specified in the program to be eligible for this loan. The parents and students must be citizens of the United States, or eligible non-citizens who have valid Social Security numbers. They should not have a bad repayment record for any other education loan. The disbursement amount is generally sent directly to the school. The loan amount is initially used to pay for fees and other relevant expenses. The balance is given to the parents of the dependent students. The maximum repayment term of PLUS loans is generally ten years.

Stafford loans are a very popular form of student loans. These are federal loans, and can be subsidized or unsubsidized. The subsidized federal Stafford loans include interest payments by the federal government, which means that the government pays the interest on behalf of needy students. The students have to meet certain eligibility criteria to obtain this loan. The students must be attending a school participating in the Federal Family Education Loan (FFEL) program. Due to the growing popularity of such loans, private lenders have started offering student loans at lucrative interest rates to beat their competitors.

Stafford loans come with very simple and flexible repayment options to ensure regular repayments. Under the Standard repayment plan, borrowers make a fixed monthly payment throughout the term. An income-sensitive repayment plan enables borrowers to alter their installments annually on the basis of their income. Graduated repayment plans offer low installments initially. In spite of easy repayment options, some borrowers are unable to repay their student loans on time. Irregular repayment habits or non-repayment of loans affect a borrower's credit history.

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