Stay Casino Australia Helped Lucky Students Pay Off Their Student Loans

Recently, a student was lucky to receive a huge windfall from Stay Casino to settle their student loans. The online casino works with financially strained students to help them cover their education debts. This is because most of them cannot cover the monthly payments while still in school or are yet to secure well-paying jobs. 

Through this act of kindness, students are encouraged to pursue their education goals despite their financial challenges. They can take out loans from the government or private sources to meet their education needs. And who knows that one day they may fall in the hands of a Good Samaritan like Stay Casino and help them repay their student loans. 

Information for students

If you cannot fund your college or university education, student loans can help you out. However, before borrowing a credit, it is essential to understand the terms and conditions and who is lending you. This is because, unlike scholarships, you must pay back a loan. 

You can access a student loan from a financial institution, bank, federal government, or an organization. Usually, student loans from government schemes have fairer terms and conditions than those from private sources.

Students in the US can get different loan types. You can borrow federal government or private student loans. Let’s have a look at each.

Federal Student Loans

These are government-sponsored loans through the Federal Direct Loan Program. They have fixed interest rates and more flexible repayment plans than private loans. Students who qualify for such loans don’t have to repay them until they graduate. 

Direct Subsidized Loans 

If you get subsidized credit, it means you are not responsible for repaying until you complete your studies. The government pays the interest on your behalf. You qualify for this loan if you prove that you are going through financial hardships. For example, you can get it if your family earns less than $50,000 yearly. The amount you receive depends on whether you are an undergraduate or graduate and your year of study. 

Direct Unsubsidized Loans

These are loans eligible for undergraduate, graduate, and professional students but not based on financial needs. Besides, you will pay the accumulated interest once you graduate or drop out. The amount for unsubsidized loans ranges from $5,500 to $12,500 depending on your study year and if you are financially independent. Financially independent students qualify for higher loan limits.

Direct PLUS Loans

Graduates, professional students, and parents of dependent undergraduate students are eligible for this loan type. They don’t have a maximum limit, and you can use them to cover the education costs not covered by other financial sources. Besides, their eligibility is not based on your financial status; instead, a credit check is done. Therefore, you need to have a good credit score to get it. 

Direct Consolidation Loans

It can be challenging to meet your monthly payment plans if you have several loans from different lenders. However, you can ease the burden by applying for a Direct Consolidation Loan from the federal government. This loan allows you to make one payment to one lender per month. It also helps you to find a fixed-interest loan option with a lower interest rate and a flexible payment plan according to your ability. 

Private Loans

These are alternative loans from private sources such as financial institutions or banks. It is vital to consider going for a federal government loan first before applying for a private loan. This is because some have variable interest rates that go high at times and may require you to pay interest before you graduate. Besides, the amount depends on your credit history rating. However, you can access a private credit if you can’t meet your education cost with federal loans. 

Private Student Loans

These are loans taken out by students. However, you must co-sign with a parent or a person with a reputable credit rating to qualify. 

Private Parent Loans

On the other hand, a parent or a creditworthy person can take a loan on behalf of a student. This is to help them meet their education costs. 

Difference Between Federal Government and Private Student Loans

You can meet your education financial cost by taking out a federal or private student loan. However, government loans are better than private loans because they are not based on credit history, unlike private loans. Therefore, you can qualify for them with or without a good credit history. 

Secondly, you don’t need a cosigner to access federal loans, but you need one for private loans. This makes the application process more manageable. 

Also, government loans provide flexible repayment options depending on your financial ability and loan forgiveness programs. On the other hand, private loans have limited repayment plans and no loan forgiveness options.  

You can get a subsidized student credit where the government pays off your interest when you prove you are in a needy financial state. However, this can never be the case when seeking private loans, even if you are in a financial crisis.

Effect of Student Loans on Students and the Education Sector in the US

In the US, student loans play a critical role in helping needy students meet their education goals. Out of the 20 million students attending college annually, about 12 million borrow funds to cover their education costs.

Through these loans, most students in the US pursue their undergraduate and graduate levels. As a result, the country increases its workforce and some professionals get the chance to work in other countries. 

Also, student loans help education institutions get funds. When students pay their tuition fees and other expenses, their schools get money for development. This increases the quality of education in the US. 

Final Thoughts

Stay Casino is a crypto-based online casino where you can play and bet on a wide range of casino games. You can enjoy blackjack, live casino, roulette, table games, and slots. Besides, it partners with top software providers such as Evolution Gaming and Belatra. As a result, you will find popular game themes and titles. 

The Stay Casino website is also mobile-optimized. You can access it via your mobile browser and enjoy all the features without fuss. You also don’t need to download any app to access the games and the betting features. 

Regarding bonuses, the casino ensures that both new and regular plays enjoy their gaming time. Upon registration, you can claim a welcome bonus. You can also win other lucrative promotions such as the weekly bonus and weekend reload to help you earn more. When you become a loyal player at Stay Casino, you can qualify for the VIP program, which offers extra bonuses, perks, and gifts. 

Stay Casino gives back to the community in several ways, including helping lucky students to clear their student loans. If you are struggling to repay your debt or are yet to secure a job, you can reach out for help.