subject: Unemployed Student Loans: A Great Assistance For The Students Who Are Unemployed [print this page] Many students come from weaker economic background but in a large section of them tenacity to continue higher studies is so great that they leave no stones unturned until they achieve the target. It is natural that they are not employed anywhere. On the other hand, nation cannot deny its responsibility and it comes forward to assist the students in their educational pursuit. Finance market responds positively in favor of the students and unemployed students find light in darkness as they find options to apply for unemployed student loans.
Unemployed student loans are available in a number of forms. A few of them are furnished in the following lines.
Finance market consists of banks and different agencies of the lenders. They are ready to provide loans to the students who are not employed. But they charge higher rate of interest and students in general do not prefer such source of loans. This is known as private student loan.
Sometimes parents move to secure loans for higher study of their children. As their sons and daughters are not employed finance institutes do not want to take the risk to advance loan in favor of them. They rather provide loans to the parents of the students and feel assured that they will get back the money. Such type of loans is termed as parent student loans.
Government generally takes responsibility in this case as students are the future of the nation. This is the most secured form of unemployed student loans. This is popularly known as government student loans. Students are to apply in the prescribed forms available in the department of education. This loan is advanced in easy terms and students may pay back the loan half of a year after they are employed.
Unemployed student loan is available in secured and unsecured forms. Secured loans are given to those students who can produce evidence of any property in their name to be pledged as collateral. The amount of loan is fair enough and it is between 5000 and 75000 repayable between 5 years and 25 years. In case of unsecured loans no property is required as collateral and the amount of the loan ranges from 5000 to 25000. The repayment tenure is between 1 year and 10 years. The rate of interest in the second form is much higher.
Students are to provide document supporting that they are citizen of the country and that they are students of any college or institution. The unemployed students aspiring for a master degree may get a loan of 13500 and the rate of interest ranges between 5.6% and 6.3%.
