If you are a West Virginia resident or a student of one of the educational institutions there, then you need not worry about not being able to get your college diploma because of financial deficit. Students of West Virginia Junior College are eligible for various student loans that will assist them in paying for their college tuition, buying required and supplementary books and paying for dormitory or room rent. Thus, they can pursue their education without having to worry about a thing on their college costs, or at least not until they graduate.
Student loans for West Virginia Junior College constitute of federal and private loans that are sufficient to cover the full cost of tertiary education. If in case the school in which a student is admitted to does not give full access to all federal loan programs, he or she always has the option to apply for a private student loan instead. In any case, a student must first exhaust all possibilities of acquiring government student loans or applying for scholarship grants before resorting to the latter.
The basic difference between these two types of loans is that federal loans are subsidized or else guaranteed by the government while private loans are those that are offered by private financial institutions such as banks, credit card unions, etc. As for the disparity in terms of cost and interest rate, federal loans are actually the cheapest loans available for students, having only between 6-6.8% interest rate depending on it being either subsidized or unsubsidized. On the other hand, private loans are the most expensive option for students, who are required to pay up to as high as 18%.
To qualify for any federal student loan, a student has to file the Free Application for Federal Student Aid or FAFSA in which the ideal submission should be during the start of the year. To check on the type of financial aids you are eligible to, the repayment options available once you complete college and to consult how much you actually need to cover your education costs, you may want to discuss it with your financial aid office.
