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Federal Student Loans

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Parker Jones

on 14 September 2012

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Transcript of Federal Student Loans

What is a Federal Student Loan? What is a Federal Student Loan? Federal Stafford loans are fixed-rate student loans for undergraduate and graduate students attending college at least half-time. Stafford loans are the most common and one of the lowest-cost ways to pay for school. Stafford Loan Private loans are offered by private lenders and there are no federal forms to complete. Private Student Loans a student loan is "a low-interest loan for students and parents which is used to help pay for the cost of any form of education after high school."
-Staffordloan.com Low interest rate of 3.4% "PLUS loans are federal loans that graduate students and parents of dependent undergraduate students can use to help pay for college or career school." Student Loans Eligibility!
You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen accepted for enrollment or attending a school that participates in the Federal Family Education Loan Program.
You must have submitted a FAFSA to be eligible for a Stafford loan
For subsidized Stafford, you must have financial need as determined by your school
You must be enrolled or plan to enroll at least half time PLUS Loans Parent
Loans for Undergraduate Students Perkins Loans -studentaid.ed.gov The U.S. Department of Education is the lender.
The borrower must not have an adverse credit history.
Loans have a fixed interest rate of 7.9%.
The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.
-studentaid.ed.gov Available to undergraduate, graduate, and professional students with exceptional financial need. Not all schools participate in the Federal Perkins Loan Program. Your school is the lender; you will make your payments to the school that made your loan. Perkins Loans carry a fixed interest rate of 5% for the duration of the ten-year repayment period. The Perkins Loan Program has a nine-month grace period, so that borrowers begin repayment in the tenth month upon graduating. Eligibility for private student loans often depends on your credit score. Private education loans tend to cost more than the education loans offered by the federal government, but are less expensive than credit card debt. The interest rates and fees you pay on a private student loan are based on your credit score and the credit score of your cosigner. Consolidation Loans combine several student or parent loans into one bigger loan from a single lender. Consolidation Loans They are available for most federal loans. The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%. Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. The End Any questions? Thanks for watching!
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