Accounting Student Loans

It is no secret that college tuition is a big investment. Though the degree pays off by preparing you for a lifelong career in the field you love, it is necessary to secure ways to pay for this investment.

Along with undergraduate tuition, an accounting student may also have graduate tuition to consider if they want to become a Certified Public Accountant. Many accounting students do not realize that there are actual loans created specifically for people in the accounting field of study, which can help students pay for their schooling.

Federal Loans

The U.S. federal government offers several types of loans for college students. Below are some of the federal loans that may be available to college students:

• Stafford Loans: These loans are available to graduate and undergraduate students, where eligible student borrow directly from the U.S. Department of Education. Students are responsible for the Unsubsidized Stafford low loan interest and are allowed a grace period of six months after graduating. Rarely offered, the Subsidized Stafford loan is only for students who complete a FAFSA and exhibit extreme financial adversity. With this type of loan, the federal government repays interest to the actual lending source and the student repays only the Stafford loan principal amount.
• Perkins Loans: The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of post-secondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions
• Direct PLUS Loans: A federal option for students’ parents wanting to help pay for their son or daughters college program. Its flexible payment plan and low interest, makes the PLUS loan is a good loan option for tuition and other college expenses.

Private Loans

There are many other sources available to accounting student loans that students may not be familiar with. Many large corporations and accounting firms may offer scholarships to high performing and because, when an accounting student graduates, the organizations benefit by bringing on an educated and fresh accounting graduate.

Bank Loans

Many American banks offer student loans through their student loan-designated programs, which provide long payoff terms and lower interest rates, with some deferring the payments until students finish their accounting programs. Many of these specific loan programs offer students direct checking withdrawal or on time payments with incentives such as reduced interest rates.

Visit the Federal Student Aid website and CollegeScholarships.org to find more information on accounting student loans.