Banks and other private lenders still loan money to students on their own, without a federal guarantee. Some students need the outside help to fill in the gaps as college costs keep climbing. And many people are still paying off student loans they got through private lenders under the old Federal Family Education Loan program before it ended on July 1, 2010. — Under today’s system, direct federal loans are considered the better deal for students.
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What Is A VA Loan? – LoanLove.com Gives Insight On This Loan Option For U.S. Army Veterans
Lastly, the loan is assumable by other buyers who qualify for VA loans (other eligible former or current service members) which can be a big advantage if the borrower wants to sell the house eventually. The few disadvantages of this type of loan all have to do with eligibility. Those who have been dishonorably discharged will not be able to qualify, but the terms of their discharge may be appealed and a positive change would allow them to avail of this type of loan. Also a decent credit score will be required; the actual requirements change regularly, so the borrower must check with their lender. The applicant will also need to submit a Certificate of Eligibility (COE) which can take time to get; those planning to take advantage of these types of loans should start the process to attain their certificate well in advance.
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