State of Connecticut Student Financial Products
Some of the Best Loans are in Your Own Backyard
Few people look forward to the student loan search, primarily because the road is strewn with obstacles. Commit this simple strategy to memory: federal loans first, any scholarships and grants you can squeeze and then state sponsored private loans.
What most parents and students overlook is the aid opportunities available directly through their state of residence.
The Connecticut Student Loan Foundation (CSLF), in tandem with its affiliated lender, Susie Mae, administers the Federal Family Education Loan (FFEL) program to state residents, plus an affordable alternative loan.
Federal Loans for Connecticut College Students
The Susie Mae Stafford Loan should be your first option when applying for financial aid. This goes for undergraduate and graduate Connecticut students. Stafford Loans come in two types: subsidized or those designed for students with a certain level of financial need, and unsubsidized, or those not based on need. You could qualify for one or both, depending upon your household income and expected family contribution. The biggest benefits to Stafford Loans include their lack of a credit-check and their relative affordability in the realm of student loans. Apply using the Free Application for Federal Student Aid (FAFSA) and make certain you file it before the deadline.
A fairly recent addition to the FFEL program is the PLUS Loan for Graduates and Professionals. This federal loan, administered by Susie Mae, offers grad students who’ve met the borrowing limits on their Stafford Loans an affordable, guaranteed federal loan so they can finance the balance of their education costs.
Connecticut parents: before you pawn all your earthly possessions or refinance your home, check into the benefits of a federally guaranteed Susie Mae Parent PLUS Loan. Use this product to borrow up to the full balance remaining on your child’s college tuition once his or her other loans and grants have all been paid out. This is a credit-based loan that offers you an affordable alternative to spendier financial options.
Get a Private Loan in Connecticut
Private student loans should be your last option when you’re looking for ways to pay for college. Sometimes called alternative loans these are credit-based and usually come packaged with higher interest rates and fees. BUT private loans, when used appropriately, could help you squeeze the final dollars you must have for your college education.
The CSLF offers the Solutions Alternative Loan for state students. This loan gives you a 60 day grace period prior to repayment and lower than average interest rates.
For more information on student loans and financial aid strategies for Connecticut students visit the CSLF website.