Financing your Education Through My Rich Uncle Money Lender


What is My Rich Uncle?

With the cost of education getting expensive with every passing days, going for higher studies is a daunting task for many. It is so because many students hail from average middle class families and cannot afford to pay such astronomical amount of fees. To get rid of this money problem, many financial organizations are formed to provide student loan. And one such of its kind is My Rich Uncle or MRU moneylender. It provides student loan to the willing students who are having difficulty in managing their educational expenses.

What are the different kinds of loan offered?

My Rich Uncle provides 2 kinds of loans: Federal Student Loan and Private Student Loan to bear the educational expenses of the student. The maximum amount of loan that is provided by MRU is $50,000 for the under graduates and $70,000 for the graduates. The federal loan is approved by the US government and the private loan is not approved. But the good thing with the private loan is that it covers all your educational expenses that are not covered under the federal loan.

What is the federal loan offered by MRU?

MRU provides 4 different types of Federal Student Loan. They are Stafford loan, Parent plus Loan and Grad plus Loan. Stafford Loans are the commonly funded federal student loan and the loan is either subsidized or unsubsidized. The Parent plus Loan allows the parents to avail student loan for their student to cover their educational expenses. The eligibility for this loan is depends upon the credit history of the parent. The Graduate plus Loan is designed to pay the educational expenses of the student that is not covered by the Stafford Loan. In this loan, the student’s credit history is taken into account.

What is the Private Student Loan offered by MRU?

Many a times the Federal Loans are not enough to pay the educational expenses. To get rid of this problem, MRU offers Private Student Loan to bear all those expenses that are not covered under the federal loan program. This loan is made available to all kinds of students, be it under graduate or graduate studying law, business, medical, arts etc.

How can one apply for the loan?

In order to avail student loan from MRU, you can apply it either by online or through paper. If you are applying for the Federal Loan, you need to fill the online FAFSA form and submit it with the relevant documents like residential proof, age proof, identity proof etc. Only those people whose age are more than 18 years and are the permanent citizens of USA can avail student loan from MRU.

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