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Last Update: Saturday, June 30th, 2012

What Student Loans Are Available for Online College?

Cynthia Written by Cynthia on June 30th, 2012

Contributing author for MyOnlineColleges.com

Distance learning loans are the easiest way to commence an online degree program that can provide you with a bright and prosperous future. Finding the right loan is all about getting the lowest possible interest rate and getting more benefits. Most student loan advisors will recommend Federal Stafford loans but you can also find some good private loan options online.

Federal Student Loans Available for Online College

These loans have reasonable interest rates and if you are able to qualify you will find the terms quite generous. Here are the federal loans available for online college:

  • Federal Subsidized Stafford Loans: The lowest interest rate available and no payment incurred when student is in school. Students also get a grace period of six months after graduation to pay the loan off.
  • Federal Unsubsidized Stafford Loans: Lower rate than other private loan options, but the interest is accumulated upon loan disbursement. The first payment is due six months following graduation.
  • Federal Perkins Loans: Suitable for students who have exceptional financial need. Government pays the interest while student is enrolled in school and the grace period for payment commencement is nine months after graduation.
  • Federal Plus Loans: This is the Parent Loan for Undergraduate students, and available to creditworthy parents. Parents can also get a co-signer if they do not pass a credit check. As soon as the loan is dispersed, the payment is due on the parent.

Private Student Loans Available for Online College

There are plenty of loan service providers who can finance your online college education. Among the best online options available for online college education are the following:

  • Sallie Mae: Plenty of undergraduate and graduate loans available for online college students. There is no origination fee and school costs of up to a hundred percent are covered through the loan. You have three very flexible payment options: pay more now (interest repayment) , pay less now (fixed repayment) and pay later (deferred repayment).
  • Citi: CitiAssist graduate loans are available for online college education, with entire cost coverage. There are no origination fees and students can defer payments until they are enrolled in school. They are also known for having the best specialized health profession loans and law student loans.
  • Next Student: Consolidation loans available and benefits like forbearance and payment deferment are also an option. Plenty of other services also available through the website and a variety of financial products to avail. Student credit cards and prepaid cards also available.

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