Student Loans for Criminal Justice Students

Criminal Justice is one of the fastest rising degrees in the United States. More and more students every year sign up to study in this field. If you are considering a career in law enforcement then here are some ways to secure some College funding. There are different types of student loans, grants and scholarships out there just waiting to be taken. Let’s take a look at some of these resources and see which path is best for you.

Federal Student Loans are by far the most popular. There are 3 different types of loans, the Stafford Loan, Perkins Loan and the PLUS Loans for Graduate and Professional Students. Let’s take a quick look and see how each loan can benefit you. The Stafford Loans are available in subsidized and unsubsidized loans, subsidized loans means that the federal government will take care of the interest payments until you graduate College. Stafford Loans have a fixed interest rate; the rate in 2007 was 6.8% and will gradually decrease every year until 2012 when the interest rate will be 3.4%.

The Perkins Loans is based on College Campus based aid that is created to help students with special financial needs. If you are planning to attend College then you will want to apply very early, these are awarded on a first come, first serve basis. You will have to file the Free Application for Federal Student Aid before you can apply for any federal loans. These loans are based on a no credit check system and the repayment is a fixed 5% interest rate.

The PLUS Loans are loans for parents to take out for their students. In order to receive this loan you will have to subtract the student loans and any other aid that you are receiving and that is put towards your student’s tuition. There are loans called the Direct Loan Program and the FFELP lenders, these programs offer all GRAD PLUS Loans too. These types of loans are creditbased loans; if you have not so great credit then you can use a cosigner.

There are some other different types of loans; private student loans are another option. You have to be very careful of these loans because they have varying interest rates but there are high borrowing limits that can help your child pay for the remaining college fees. These loans can be tricky, find out about repayment and defaulting before you sign any paperwork. Since these are credit based loans, if you default it could leave a mark on your credit report.

The last options fro Criminal Justice Students are Grants like the popular Pell Grant. These are free and do not have to paid back. For these you have to file your FAFSA first and then apply as soon as you can since there are thousands and thousands of students who are applying at the same time as you. Explore your options; there may be special scholarships out there with your local law enforcement agencies too.