A=P(1+r)^t I=P(rt)
A= Amount of money you will have after P= Principle amount of money you have. r= the interest rate divided by how many times it is compounded t= time | I= interest P=principle r=rate t=time |
- Government Subsidized loans: In terms of financial need this loan helps the most. Though the school you are attending decides how much you get. However the Department of Education pays the interest on these loans.
- Non Subsidized loans:They are not the worst for financial need. You do not need to demonstrate your need for financial need. The school still determines how much you get to borrow. However with this loan YOU are responsible for paying the interest.
- Bank loans: They are the most common. Now the bank loans are a little different, the bank sets a amount of time in which the loan is provided, the rate of interest on the loan, also the amount and timing of the repayments.
- Credit Union loans: A credit union has small loans with low interest rates, also it will offer other banking services.
Over all, government subsidized loans will take you the least amount of time to pay back. Government non subsidized loans will probably take you a long time, mostly because non subsidized loans are supported by private financial institutions therefore they have higher interest rates.
Bank loans are more controlled by banks, while credit union loans are more of a do what you want kinda thing.
Bank loans are more controlled by banks, while credit union loans are more of a do what you want kinda thing.