Higher%20education%20causing%20monetary%20stress%20%3F%20Here%20are%20types%20of%20student%20loans%20that%20can%20make%20life%20easy

According%20to%20Debt.org%2C%20%22there%20were%2020%20million%20students%20enrolled%20in%20colleges%20and%20universities%20in%20the%20fall%20of%202019%20and%20approximately%2010%20million%20of%20them%20received%20federal%20loans%20from%20the%20William%20D.%20Ford%20Federal%20Direct%20Loan%20Program.%20The%20students%20took%20in%20%2493%20billion%20in%20loans%2C%20or%20about%20%249%2C300%20per%20student.

The%20average%20student%20loan%20debt%20for%202019%20college%20graduates%20who%20borrowed%2C%20was%20%2429%2C900%2C%20according%20to%20Mark%20Kantrowitz%20of%20%3Ca%20target%3D%22_blank%22%20rel%3D%22noopener%20noreferrer%22%20href%3D%22http%3A//savingforcollege.com%22%3Esavingforcollege.com%3C/a%3E%2C%20and%2070%25%20of%20graduates%20left%20school%20owing%20money%2C%20the%20website%20stated.

Being%20exposed%20to%20the%20financial%20strain%20of%20higher%20education%20after%20completing%20the%20primary%20stage%2C%20could%20cause%20considerable%20stress%20in%20an%20individual%27s%20career%20at%20a%20nascent%20stage.%20Without%20complete%20financial%20backing%20by%20a%20guardian%2C%20a%20student%20has%20to%20depend%20on%20the%20loans%2C%20assistance%20provided%20by%20institutions.

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%3Cstrong%3E1%29%20Private%20student%20loans%26nbsp%3B%3C/strong%3E%3Cbr%3EA%20student%20may%20apply%20for%20a%20private%20loan%20from%20a%20financial%20institution%20where%20the%20entity%u2013%20usually%20and%20bank%u2013%20requires%20proof%20for%20repayment.%20The%20credit%20score%20and%20account%20balance%20acts%20as%20the%20proof.%20A%20private%20loan%20also%20needs%20a%20co-signer%20for%20qualification.%20US%20based%20FinAid%20states%20that%20%27private%20student%20loan%20volume%20grew%20much%20more%20rapidly%20than%20federal%20student%20loan%20volume%20through%20mid-2008%2C%20in%20part%20because%20aggregate%20loan%20limits%20on%20the%20Stafford%20loan%20remained%20unchanged%20from%201992%20to%202008.%27%20According%20to%20Bank%20Bazaar%2C%20Indian%20banks%20offer%20private%20loans%20with%20interest%20rates%20ranging%20from%207.5%25%20to%2016%25%2C%20on%20amounts%20ranging%20from%20Rs%207.5%20Lakh%20to%20Rs%2020%20lakh.%20The%20rule%20of%20thumb%20says%20that%20a%26nbsp%3B%20student%20should%20consider%20obtaining%20a%20private%20education%20loan%20only%20if%20after%20he/she%20has%20maxed%20out%20the%20Federal%20Stafford%20Loan.%26nbsp%3B%3Cbr%3E%26nbsp%3B

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%3Cstrong%3E3%29%20Loan%20against%20collateral%3C/strong%3E

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