Some instructions to get a study loan

World economic recession affects almost all sectors. Study loans sector is also affected. But getting a study loan is still possible. To get a study loan, you have to follow the instructions given bellow very carefully.

Federal student loans are an even better deal than before. Rates are fixed now, rather than variable, and students with the most need will see rates as low as 3.4% in the future. Although some lenders have exited the federal student loan market, the U.S. government stepped in to make sure the remaining lenders had access to cash to make loans.

Don't ask your lender for a consolidation loan. Consolidation allows you to make one payment instead of many, and you may be able to lower your payments by stretching out the repayment term from the usual 10 years to as many as 30. You still can consolidate your federal student loans, but you'll need to do so through the federal government. Lenders that used to make these loans have fled the market, saying they aren't profitable anymore. If you want to borrow more than the federal student loan limits, you typically would turn to private student loans. These come with variable rates that currently average 11% to 12%. But lenders are demanding higher credit scores plus a co-signer these days.

Even if you qualify, you need to be extremely cautious about how much private student loan money you borrow. Because :
Those variable rates are only going to shoot higher when the economy recovers and interest rates rise, Kantrowitz cautioned. Typically, private student loan rates aren't capped, so the sky's the limit.
Private loans don't come with the forgiveness and income-based repayment options now available for federal loans.
Private lenders will still loan you far more money than you can comfortably repay. They know you can't escape this debt, so they're comfortable piling it on. Student loan debt typically can't be erased in bankruptcy court, and there is no limit on how long private lenders can pursue you for collection.

So its your decision, that you borrow how much money, and use which way.