Student Loans for Pharmacy Technicians
Trying to find student loans for pharmacy technician students is only difficult if you go into the process unprepared. However, taking the time to go into the process of finding student loans while being prepared will make it tons easier.
Some loans, its true are far easier to obtain than others. Then again, when that “well” of easily obtained loans seems to run dry, other loans exist, in different forms—but at a cost. Just what you are willing to pay is up to you, though.
There are four main categories of student loans: student loans, parent loans, private student loans and alternative loans. Let’s examine them one by one.
Common student loans, such as the Federal Stafford and Federal Perkins loans, are loans issued by the federal government. The benefit to this type of loan is a low interest rate and you are not required to submit to a credit check.
The Stafford Loan has two variations: the Federal Family Education Loan Program (FFELP) where the loans are provided by private lenders and the Federal Direct Student Loan Program (FDSLP) where the loans are provided directly by the US government.
The Perkins Loan in the best federal loan available to students. The school acts as the lender and there is a 10-year repayment period with a limited interest rate of 5%. Undergraduates are limited to $5,500 per year ($27,500 maximum) while undergraduates may receive up to $8,000 per year ($60,000 maximum). The school’s financial aid office determines how much you are eligible to receive.
The very first step to finding student loans, if you are still in high school, is to talk to your counselor. Yes, your counselor, not your parents. Guidance counselors know a lot about the beginning process of finding student loans—no matter what field you’re looking at going into.
Knowledge of various financial aid websites to visit for help, and possible loans, is something else your counselor may very well have. Perhaps your school counselor can also guide you to specific pharmaceutical and retail websites that would have low-cost loans available on them, as well.
Typically, student loans are found by filing a form call the FAFSA. While the Free Application for Federal Student Aid form is definitely free and does seem intimidating, it really isn’t –if you take your time to work your way through it properly. It is a standard form for all colleges and universities to use.
By filling out the FAFSA, you indicate which schools you want your information to go to so your loan eligibility can be determined. Both the school itself and the federal government will provide you with some type of opportunity for loan money.
The two loan programs available—through the schools and the government—are slightly different, but the interest rates are far lower than private loans can be. Repayment terms are also different—some longer than others, in comparison to the private lenders.
Private loans known as non-federal education loans and are available for those with good to great credit but whom are ineligible for financial aid—whether that is because of too much income, or other reasons, private loans can solve the problem. However, be prepared to have increased, higher payments when paying back those private loans.
Not made through the banking system, private loans can be quite costly—but if needed can finance the entire cost of someone’s education, when obtained by parents. These loans do not have the security of the government or school backing, either—just the private lender, who you’ll answer to if you fail to pay the bill. Nearly all private loans require a credit check — the higher your credit score is the better chance you will have of getting the loan you need.
Parent PLUS Loans
Parents can take out loans on behalf of their children. Although the child may opt to pay off the loan directly, if they default, the responsibility for payment falls on the parent. Like the Stafford loans, the Federal Parent Loan for Undergraduate Students (PLUS) is funded by the federal government. Eligibility for loans are based on a credit check.
Parents have 10 years to repay the loan at a fixed interest rate of 7.0% for the 2017-2018 school year. To start the process, parents file the FAFSA (Free Application for Federal Student Aid) at FAFSA.ed.gov.
Believe it or not, there is still another type of loan available to pharmacy technician students, although it is very uncommon. These loans are typically very small in comparison to any other type of student loans as well. Called alternative loans, some people look at them as a way to encourage the pay it forward concept that is slowly taking off. By agreeing to help someone out—whether the amount is small or large—one person becomes part of a group of equals whom help others.
Legal paperwork is used to ensure that the small loan is paid back—usually with some type of interest, but the rate is entirely up to the lender. While these type of loans are not popular yet, they are starting to slowly catch on in various communities all over.
Amounts may only be one hundred dollars—or as high as a thousand. There isn’t a set amount either way, no matter where you are.