With college expenses getting higher and higher, more students are looking towards loans and federal aid. Asking for loans/aid without knowledge is dangerous because there are a large amount of banks and lenders that will try to rip you off. The best move is knowing your options before you sign.

Option #1: Part-Time Student Loan

College full-time is not possible for everyone. Whatever your reason is, just know you have financing options. In order to qualify for a full-time student loan, you must be taking nine or more credit hours. For those taking nine or less, you can qualify for a smaller part-time student loan. This leaves you more time to work and help pay off your debt later.

RELATED: All You Need to Know About Student Loans

Option #2: Federal Student Loan

Federal student loans come with many benefits. Their interest rates are fixed throughout the duration of the loan. Repayment plans for federal student loans are income driven which is uncommon in private loans. Plus, private loans are generally more expensive.

SEE: What to Look for to Avoid Scholarship Scams

Option #3: Student Loan Without A Cosigner

If you are considered low-income or have no credit score, you’ll need a cosigner. Your cosigner will have to be someone with a credit score high enough to qualify. If your parent or family members don’t have credit scores good enough to qualify, you have other options. These options include, but are not limited to:

  • Financial Aid & Financial Debt: Both options do not require cosigner.
  • Stafford Loan: Upon showing your need for financial help, you can qualify for a Stafford Loan. They come subsidized (federal government pays interest) or unsubsidized.
  • Perkins Loan: Not all institutions offer this loan. All you must do is prove a need for finance help, and more.

SEE ALSO: How to Apply for Student Loans

Get a Student Loan with MNFCU

Here at Metro North Federal Credit Union, we can help with the gap between federal loans and aid you’ve received with our gap loans. Our student loans have zero origination or prepayment fees and we offer flexible deferment and repayment options. The application process is easy, but before you apply, make sure the loan is certified through the school. Apply for a loan, today!