1. Perkins Loans – These are absolutely exceptional loans that are only available for individuals that have exceptional needs. What this means is that only students that really need additional funding will be able to qualify.

The interest rates on Perkins loans is a spectacular 5%, to be paid back over a 10 year period. On top of that, interest doesn’t accrue and payments don’t have to be made while you’re still in school. If you can qualify for Perkins loans, they are definitely the lowest interest loans that you’ll be able to get.

2. Subsidized Stafford Loans – These loans are really hard to beat because you don’t pay any interest at all while you’re in school. The government pays it for you. Once you have been done with school for six months you will assume the payments and will start paying interest. Most other types of student loans out there will accrue interest while you’re in school so this is by FAR the best low interest student loan. Interest rates on these loans is fixed and is currently at about 5.5%.

3. Unsubsidized Stafford Loans – Although you don’t have to make payments on these loans while you’re in school, interest still accrues. They are still a great option but obviously don’t have some of the advantages of the subsidized Stafford loan. These loans have a fixed interest rate which is nice. Right now that interest rate is sitting at 6.8% – very reasonable for a student loan.

If you want, you can make payments while you’re in school. This will save you some money on interest but this isn’t required. If you choose to not make payments while you’re in school, the loan with be re-capitalized after you graduate. That means that the interest that accrues will be added to the principle of the loan after graduation. You will then start paying on the loan as you normally would. This can be avoided by making payments while you’re in school.

How Does Anyone Obtain A Loan?

When a person requests a loan, they will fill paper work out that will ask questions in three different categories. They are: what type of capital do you have in backing you for a loan? This is determined by your amount in your bank accounts, and other assets.

Next, they will want to know about your reputation for paying your debts. They will ask for names of other firms or creditors whom you have borrowed from before so they can contact them regarding your past record with them.

And last, they will need to know about your ability to repay the loan. This is usually determined by comparing your income with your current obligations.

The loan officer has to take all three of the above into consideration before giving anyone a loan, rather they are disabled or not. Many disabled individuals are not able to work and support themselves, therefore, would not qualify.

There are other types of disabilities that are not severe enough where the person can work, at least part time, and also might be receiving government funding. Therefore, this person if he or she had a co-signer could most likely qualify for a loan.

Let me share with you a Disability Loan Discharge letter a disabled student received regarding school loans. It goes as follows:

Information on your Student Aid Report indicated that you have had one or more student loans canceled or discharged due to permanent disability. Students having canceled or discharged student loans due to a permanent disability are ineligible to borrow additional loans without proper documentation.

To be eligible to borrow additional Perkins or Direct Loans, you must submit written documentation from your physician that you are able to now engage in “substantial gainful activity” such as employment.

Can Disabled Students Qualify For College Without A Loan?

Yes, and this is great news for the disabled student. In fact, they have wonderful resources and benefits waiting for them. Sources such as: Disabled Students’ Allowances, Access to Learning Fund, Disability Living Allowance and the Incapacity Benefit.

Disabled students receive grants to help them meet the extra costs of studying that students face as a direct result of impairment, a health condition or a specific learning difficulty. The allowances are paid on top of the standard student finance package.

The Incapacity Benefit is a benefit for people who are unable to work because of illness or disability. Your Incapacity Benefit will not be reduced if you receive Disabled Students’ Allowances or any other grant or loan.

Business grants and guaranteed loans for disabled, stand for providing private grants and government guaranteed loans to handicapped individuals, especially students who are suffering from various physical disability.

A disabled person can fulfill his dream if he or she is able to get such business grants and guaranteed loans meant for disabled people. There is a student finance package for disabled student attending institutions for higher education.

This is assessed by the Local Education Department in conjunction with the Student Loans Company. Students can apply for income assessed financial support towards tuition fees and for supplementary grants.

To sum it all up, if you have impairment, medical conditions or a learning difficulty, you most likely are entitled to claim extra financial help as a student. And this is paid on top of anything you get through the standard student finance package.