It can be difficult to finance a college degree. You need to find the best loan to suit your needs. Singapore Management University offers several credit-based loans to assist students in covering the costs of tuition and fees as well as living expenses. Private lenders offer credit-based loans, which require that borrowers have good credit and verifiable earnings.
This article gives a complete overview of the credit-based loans available to SMU Students, including eligibility criteria, application processes, debt management tips, and comparisons of lenders.
Credit-Based Loans: Types and Options
SMU offers a range of options for credit-based loans, such as:
- Student loans offered privately: These private student loans are provided by lenders who are independent of the government. These loans have higher rates of interest and less flexibility in repayment than federal student loans.
- Parents PLUS Loans: Parents PLUS loans are federally-backed loans available to parents who have undergraduate students. To qualify, parents must be able to prove their income and have an excellent credit rating.
- Graduate Plus loans: Grad PLUS loans are federal student loans available for graduate students. To qualify, graduate students need to have good credit and an income that can be verified.
Requirements for Eligibility
The eligibility requirements for credit-based loans can vary from lender to lender. Most lenders will require that borrowers have good credit and verifiable earnings. Other requirements may be required, including being an American citizen or permanent resident and attending a college or university accredited by the US.