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Student Cash Loan

Many more college and trade school students will be turning to cash loans to finance their education and cover lending expenses. This will occur because recent changes to the law limit the availability of credit cards to students.

Currently there are few cash loan options specifically tailored to students but that could soon change. One option some students will be able to take advantage of is a line of credit offered by their school. Some colleges make lines of credit available to qualifying students.

College backed student lines of credit are an excellent option for students because they come with lower interest rates. Many of these lines of credit are a great deal because they don’t have to be paid back until after the student graduates. Students can find out about these lines of credit by contacting their school’s financial aid office.

Student Cash Loans Explained

There are a number of things that students need to know about cash loans. Cash loans are high interest short term loans made directly to borrowers. These loans are called cash loans because historically lenders made cash available to borrowers.

 Cash loans will not be available to many students because many cash lenders only lend to those who can demonstrate a source of regular income such as a paycheck or government benefit. Students without jobs and students who work part time probably won’t be able to qualify for such loans.

Even if students can get these loans they may not be able to pay them back because of the high interest rates and short repayment periods. Generally, traditional cash loans will not be a good deal for students.

Pell Grants and Student Cash Loans

Before getting a student cash loan, students should check to see if they qualify for Pell Grant. A Pell grant is a direct payment of cash from the federal government to qualifying students.

The great thing about Pell Grants is that they don’t have to be paid back. Another good thing about Pell grants is that they can be spent on anything the student wants. This means that a student can use Pell Grants to cover the cost of living expenses.

Students should check with their school’s financial aid office to see if they qualify for a Pell Grant before getting a student cash loan. Students who have cash loans should see if they can get a Pell Grant to pay those loans off with.

Other Student Cash Loans

There are some lenders that specialize in lending to students. Credit unions and banks associated with colleges or universities maybe willing to make loans to students. Some colleges and schools will also loan money directly to students. The advantage to these loans is that they will usually come with lower interest rates and may not have to be paid back until graduation.

Another option students should consider is borrowing money from family, family members such as grandparents maybe willing to make loans to a student at no or little interest. Relatives will be easier to deal with than cash lenders and banks.

Students should be very careful with student cash loans because they may have a hard time paying them off. No student should get such a loan until they have investigated all of the alternatives.