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Loan Consolidation for Graduate Students ~ #new #car #loan


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Graduate Student Loan Consolidation

Most college students will require some form of education loans to help them meet their college costs. Undergraduate and graduate students alike, find themselves faced with mounting debt as they work toward their ultimate degree. Graduate students in particular incur a large amount of student loan debt before finishing their studies and entering the professional marketplace. However, there is a way to mitigate some of that student loan burden. Graduate and professional degree seeking students should consider the benefits of loan consolidation. By consolidating your graduate student loans, you can reduce their monthly payments, more easily manage your student debt and find your way out of the student loan maze.

What Is Graduate Student Loan Consolidation?

Graduate student loan consolidation helps students manage their debt by combining all outstanding education loans in to a single, more manageable loan package. When you consolidate your student loans, your new lender will pay off all of your outstanding debt, leaving you responsible for one loan from one lending institution. You will no longer be accruing interest on multiple loans, and will now have only one monthly payment to make. For a student fresh out of graduate school, just entering the workforce, this can be a great financial relief.

How Will I Benefit From Graduate Student Loan Consolidation?

Graduate student loan consolidation is an excellent way to manage your student debt. Making several loan payments a month can be difficult, both financially and personally. Multiple loans are more expensive in the long run, and the more bills you have to keep track of the more likely you will be to miss a payment. A consolidation loan can be the answer to your student debt woes.

When taking out a consolidation loan, you engage a new lender who agrees to pay off all of your outstanding student debt. The lender will then write out a new loan for you, covering all of the previous debt, leaving you with a single loan to manage. Payments are easier to maintain, and often you can secure your consolidation loan at a more attractive interest rate which will save you money over the life of the loan. Consolidating your graduate student loans can also provide a much needed boost to your credit score. Your previous student loans will be retired as paid in full, and you will reap the benefits of a solid credit history making future financial transactions much easier.

How Can I Apply for Graduate Student Loan Consolidation?

Graduate students can apply for consolidation loans through on of the major student loan organizations such as Sallie Mae or Nelnet. Consolidation loans are also available through private banks and credit unions, though students should keep in mine that the interest rates and payment plans through a private lender may not be as flexible as those available from a dedicated student loan organization. Applying for a consolidation loan is easy, and most lenders offer the convenience of an online application process.

Many students, both undergraduate and graduate, choose loan consolidation as a way to more easily and efficiently manage their student loans. It can be difficult to face a mountain of debt just as you’re entering the job market, but graduate students who consolidate their education loans can rest assured that their student debt is under control, and that they have made the right decision for their financial future.


Government Student Loan Programs ~ #payday #loan #lenders #uk


#government loans
#

First Step: Government Student Loans

Your Number One Student Loan Choice

Low cost student loans are the number one source of financial aid for college bound individuals. There are two types of student loans to consider. The Federal student loan and the private lender student loan. Both have their advantages but savvy students will turn to the Federal student loan first. With easier qualification standards and lower fixed interest rates Federal loans make a college education more accessible to students from all walks of life.

Go Federal First

Most college bound students will need to rely on some form of student loan program. An education isn’t cheap and like it or not you will likely have to take out a loan to pay at least some of your costs. Government student loans offer the lowest interest rates and the most accommodating repayment plans. The Federal government guarantees these loans and most do not require a minimum credit score for eligibility.

Depending upon your college of choice you may be able to secure your student loan through the Federal Direct Student Loan Program. This program provides loans to eligible students with the only lender being the U.S. Department of Education. These low interest loans are designed to create a pathway to higher education for students who may be struggling to find the money to go to college.

Types of Government Student Loans

There are three types of Federal student loans to consider. The Stafford Loan, the Direct PLUS Loan for Parents and the Perkins Loan. Graduating students can also take advantage of a Federal Consolidation Loan to combine all of their college loans into one manageable loan package.

Federal Stafford Loan

The Federal Direct Stafford Loan comes in two varieties – subsidized and unsubsidized. The subsidized Stafford Loan is reserved for students with the most need and the interest that accrues is paid by the federal government for as long as the student remains enrolled in an accredited university or college. The unsubsidized Stafford Loan is available to almost every student who applies, however you are responsible for payment of monthly interest while in school though the principle is deferred until graduation.

Federal Direct PLUS Loan for Parents

The Federal Direct PLUS Loan for Parents is a credit-based alternative loan program specifically designed to provide low cost loans to parents of dependent college bound students. Parents can secure a loan up to the value of the cost of their student’s attendance less any other financial aid their child has been awarded. Repayment of the PLUS Loan begins as soon as the loan is fully disbursed and students must sign a promissory note guaranteeing repayment if the parent or guardian defaults at any time.

Federal Perkins Loan

The Federal Perkins Loan Program offers low interest loans to students who show exceptional financial need. Students enrolled in one of the 1700 participating colleges and universities can secure a low interest loan through that institution to help pay the costs of their education. The Federal government supplies funds to campuses annually, and the campuses in turn award loans to eligible students on a first-come – first served basis. For this reason students are advised to apply to their college of choice early.

Federal Direct Consolidation Loan Program

A standard component of the Federal loan program is the Direct Consolidation Loan. Student graduates with one or more Federal student loans may opt to combine all of them into one loan. This allows the student to reduce his loan payments to one more manageable monthly payment.

Applying for Government Student Loans

Before applying for any government loan you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is required for all forms of Federal aid programs. Whether you are applying for a Federal loan, grant or scholarship the FAFSA is your first step and must be submitted early to meet any deadlines for your loan or grant applications.


US Government Federal Student Loan Programs ~ #monthly #mortgage #calculator


#low cost loans
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Applying and Qualifying for the Federal Perkins Loans

Low-Cost Campus-Based Financial Aid

For the college bound student looking for financial aid, qualifying for a grant is ideal. But, not all grants will cover the entirety of your tuition costs. When you factor in book costs, dorm fees and the cost of living in general most grants fall short of the mark when it comes to paying all of your college expenses. That’s why student loans play such a major role in financing a college education.

Federal students loans, with their fixed low interest rates and flexible repayment plans, offer the most attractive solution. The Federal Perkins Loan Program should be a key component in any student’s college financial plan. The Perkins loan offers many benefits and features that make it an excellent source of financial aid for eligible students.

Features of a Perkins Loan:

  • Low-interest, fixed rate loans
  • Need-based
  • Available through participating colleges and universities
  • Optional loan cancellation for eligible borrowers
  • Available to eligible undergraduate and graduate students
  • 9-Month grace period
  • No application fees
  • No credit checks

What is a Federal Perkins Loan?

The Federal Perkins Loan is a campus-based financial aid package that is available to both undergraduate and graduate students. Participating colleges and universities receive annual loan allowances from the U.S. Department of Education, and it is from theses funds that the school makes Perkins Loans available to eligible students. These loans are limited number and eligible students are advised to apply early. Perkins loans are free of any application or other hidden fees and offer a 9 month grace period following graduation before repayment must begin.

Perkins Loan recipients borrow directly from the college campus of their choice. These are subsidized loans, meaning the government pays the interest that accrues on the loan for as long as a students remains in school as well as the 9 month grace period. Under graduate students are limited to loans of $4,000 per year, with a lifetime limit of $20,000. Graduate students are allowed an increased limit of $6,000 per annum, with a $40,000 lifetime limit.

While many students qualify for the Federal Perkins Loan, not all colleges and universities participate in the program. Check with your college of choice to learn if they are one of the approximately 1700 colleges and universities that do participate in the program. With it’s fixed low interest rates, Federal subsidization and flexible repayment terms the Perkins Loan is the most borrower friendly student loan available.

Qualifications for a Perkins Loan

The chief determining factor of a student’s eligibility for the Perkins Loan program is financial need. A student must fall within a certain income bracket and the student’s Expected Family Contribution or EFC must be rated low on the Federal scale. Other application requirements include:

  • Student must be enrolled in an accredited school at least half-time.
  • Student must be enrolled in a college or institution that participates in the program.
  • Student must be a U.S. citizen, a legal permanent resident or an eligible non-citizen.
  • Student must no history of defaulting on prior student loans.
  • Student must be registered with the Selective Service where applicable.
  • Student must meet minimum GPA.

Applying for a Perkins Loan

All Federal financial aid programs require students to fill out and submit the Free Application for Federal Student Aid or FAFSA. Once you have submitted your FAFSA and it has been reviewed, you will receive your Student Aid Report which details the amount of your Expected Family Contribution (EFC). This is the amount of money you or your family are responsible for contributing to your education.

Within a few weeks, you should receive follow up letters from the colleges to which you have applied detailing any and all types of financial aid for which you have qualified, including the Perkins Loan. This letter must be returned to the college or university indicating what financial aid you are accepting. If you are approved for a Perkins Loan you must coordinate with your school immediately to secure the loan and receive your financial aid money. Loan funds are limited and the earlier you respond the better your chances of getting the loan you need.

Repayment of the Perkins Loan

During the final weeks of your college term your school will contact you and provide loan repayment details relative to your Perkins Loan. You will have the benefit of a 9 month grace period in which to become settled and find a job before any repayment schedule begins. This grace period is one of the major bonuses of the Federal Perkins Loan program, allowing students some time to enter the workforce before any loan payments must be made.

Loan Cancellation for Teachers

A significant benefit of the Federal Perkins Loan program is the Cancellation or Deferment Option for Teachers. Students who agree to take up full time teaching positions in low-income public school districts, or take positions teaching in certain subject areas may be eligible for cancellation or deferment of all or part of your Perkins loan. Check with your college for more information regarding any deferment or loan forgiveness programs for which you may be eligible.


Short Term Unemployment Cash Advance Loans ~ Loans For People On SSI #subsidized #student #loans


#unemployment loans
#

Short Term Unemployment Cash Advance Loans

It is not a pleasant feeling for sure when you are jobless and bogged with financial worries. If you currently need a cash loan with no job, your pride takes a beating when you keep getting denied by bank officers. Instead of asking from friends or your family members, you can consider a temporary unemployment cash loan. Online approval lenders are available for people who are not employed and have no credit history, and find it almost impossible to get a $900 private cash loan anywhere else.

Unemployment urgent lenders are increasing popular as people are made more aware of their existence, where they can get a no-job cash loan despite having no stable employment. From getting a urgent cash loan for 6 month to tide you out, or to use them as emergency cash for unexpected expenses, these unemployment cash loans are valued as they bring relief for many people who need cash urgently.

You can apply for a short term cash advance loan from non-bank loan companies and there are several online companies that provide these emergency high risk loans for people who have no full time work. The process is simple, with no tedious paperwork or drawn out processing time. You can get instant decision on your online application with no faxing required.

Shorter cash loan companies do not make lending decisions based on just your credit history alone so even if you have 700 credit score, it will not disqualify you from getting one hour approval for a online 900 dollars loan. Some accredited loan lenders may require a guarantor if you are asking for a 6 month urgent loan that is above $900 dollars, but even if that is the case, you would likely be paying cheap interest costs when you have a co-signer.

Repayments terms vary among BBB listed lenders as well. Most unemployment cash advance companies will cap a limit of 180 day on unsecured loans for people without income but if you are lucky, you may come across direct loan companies that are more receptive to giving you an easy approved loan for 6 months. Therefore, finding the best cost installment lending firm for the unemployed that meets your financing needs is important. Interest fees aside, it is good to pick a reputable company with friendly payments guidelines.

To sum up, if you are going to borrow 900 dollar for covering expenses while looking for a new job, an easy approval 6 month loan lender can assist you with your financial needs. Just remember to use them on real necessities and not for frivolous purchases.


Online Student Loan Consolidation ~ #grad #school #loans


#consolidation loans
#

Consolidate Your Student Loans

Save Money, Avoid Default

Consolidating student loans can help make what feels like a mountain of college debt much more manageable. The National Postsecondary Student Aid Survey reports that a majority of four year college graduates are carrying close to $20,000 in student loan debt. Graduate students, medical students and law students are carrying much more.

Consolidation loans have become common practice for both Federal and private student loan holders. A consolidation loan does more than just combine your existing loans. With a consolidation loan your existing lender or a new lender will pay off you’re student loans and write a new loan to cover that total. This new loan will allow you to have one manageable monthly payment.

Time to Consider Consolidation

How do you know when it’s time to talk to your lender about loan consolidation? If you find yourself in any of the following situations a consolidation loan might be for you:

  • You have multiple federal and/or private student loans
  • You have been delinquent on any monthly student loan payments
  • You foresee large financial obligations that could put your monthly payments at risk.

Student loan consolidation offers students and graduates the opportunity to more successfully manage their debt obligations. With a consolidated loan you can relive the stress of having a mountain of debt on your shoulders. Lenders have a stake in your financial health and they would rather rewrite your loans than see you default.

Federal Loan Consolidation

The Federal government offers students the Direct Consolidation Loan to help them manage their Federal college loans. Students who have received a Stafford. Perkins or FFEL loan are eligible for the Federal Direct Consolidation Loan only after they have graduated from college. These loans allow students to combine existing loans into one manageable loan with a single payment schedule. Benefits of federal loan consolidation include:

  • Interest rates are fixed
  • Monthly payments are made more manageable
  • Repayment period can be extended from 10 to 30 months
  • Protects your credit rating
  • Private Student Loan Consolidation

Students who have private lender loans can also take advantage of loan consolidation programs. Many private lenders offer attractive loan packages to make it easier for students to pay off their loans and avoid default. As these loans are underwritten by private lenders they will have higher interest rates and stricter time limits than Federal loans. Having said that, they are still a good way to reduce your monthly obligations to one manageable payments.

Private lenders approve all loans on the basis of credit history and consolidation loans are no different. You may need a co-signor to qualify for a consolidation loan and you will have to be able to prove a regular income that meets the lenders requirements.

Keep in mind that if you have received both private lender loans and Federal student loans you will not be able to consolidate both into one new loan. You will have to negotiate one consolidation loan for your private lender loans and one for your Federal loans.

Applying for Student Loan Consolidation

The application process for student loan consolidation will depend on what type of loans need to consolidate.

  • If you have Federal Direct Loans you can apply for a Direct Consolidation Loan through the U.S. Department of Education.
  • Students who are carrying Federal Family Education Loans (FFEL) can apply to their primary lender for the FFEL Consolidation Loan program.
  • Private student loans must be consolidation through the original lender or through another private lender who is prepared to underwrite your consolidation loan. Remember, private consolidation loans are credit-based and there is no guarantee that all students carrying student debt will qualify.

Consolidation programs can make all the difference to a graduate struggling to repay their student loans. If, after graduation, you find you are having difficulty making your monthly payments or are facing a shortage of finances for the immediate future a student loan consolidation program can help you avoid default and keep your credit history on the right track.


FHA Loan Calculator ~ FHA Mortgage Rates, Limits & Qualification Information #quick #and #easy #loans


#fha loan qualifications
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FHA Maximum Financing Calculator

Calculating the Max Amount for an FHA Backed Loan

The U.S. Department of Housing and Urban Development (HUD) has been has been helping first-time homebuyers get loans backed by the Federal Housing Administration (FHA) since 1934. Traditional lenders such as banks issue the loans, but they are insured by the FHA, reducing the risk to the lender and allowing the lender to provide better terms.

FHA loans require low down payments typically only 3.5 percent and low closing costs, many of which can be included in the loan. The FHA also offers loans that allow you to purchase a home in need of repairs and to roll the cost of the fixes into the primary mortgage loan. Other loans are available for seniors, for those looking to make energy improvements to their home, and for those who want to buy manufactured or mobile homes.

Another part of what makes FHA loans so attractive to first-time homebuyers is that they have easy credit qualifying. If you don’t have a perfect credit score, but you have a good history of paying your bills on time, you will likely qualify for an FHA loan.

FHA Loan Limits

The FHA sets caps on what you can borrow based on where you live or where you intend to purchase a home. These loan limits are based on the average price of a home in your area and on the type of home it is, including single family, duplex, triplex and four-plex.

For example, the limit for a single-family home in Alamance County in North Carolina is $271,050, while the limit for a duplex in the same county is $347,000.

Loan limits vary significantly depending on where you intend to purchase a home. For example, the loan limit for a single-family home in New York County in New York is $729,750.

To see the loan limits where you intend to purchase, check out this HUD page .

Other Requirements

Loan limits are just a starting point for determining how much you can borrow with an FHA loan. As with other home loans, FHA loans require lenders to meet guideline for housing expense ratios and debt-to-income ratios.

Traditional mortgages require that your total monthly mortgage payment not exceed 28 percent of your monthly gross income, and that your total monthly debt payments including your mortgage, car loan, student loans and other obligations not exceed 31 percent of your gross monthly income. However, the FHA increases these limits, allowing you to have a 31 percent housing expense ratio and a 43 percent total debt-to-income ratio. You can find these ratios by dividing your monthly mortgage payment by your monthly income, or by totaling up your monthly debt payments and dividing them by your monthly income.

FHA loans also require that you carry mortgage insurance, which is included in your monthly mortgage payment. The more expensive the home you buy, the more expensive the mortgage insurance will be.

Like other loans, you are also required to carry homeowner’s insurance, which includes paying the premium at closing, and to pay your property taxes in escrow.

FHA Loan Calculation

Though FHA loans offer some flexibility for first-time homebuyers to help them afford a new home, it can be confusing trying to figure out just how much you can borrow under an FHA loan because of al the criteria involved with the loan.

The FHA maximum financing calculator at MortgageCalculator.org makes it easy for you to understand jus how much you can borrow. Enter in all the variables, including the sales price of the home you wish to buy, the appraised value of the home, borrower-paid closing costs, prepaid expenses, discount points, any repairs or improvements you wish to make and include in the cost of the loan, and your mortgage insurance premium. We’ll send you fast results including the cash required at closing and how much you are able to purchase.

Just enter your e-mail and have your results delivered in moments, including a plain-English explanation with everything you need to know about your borrowing options.


Government Student Loan Programs ~ #usda #home #loans


#government loans
#

First Step: Government Student Loans

Your Number One Student Loan Choice

Low cost student loans are the number one source of financial aid for college bound individuals. There are two types of student loans to consider. The Federal student loan and the private lender student loan. Both have their advantages but savvy students will turn to the Federal student loan first. With easier qualification standards and lower fixed interest rates Federal loans make a college education more accessible to students from all walks of life.

Go Federal First

Most college bound students will need to rely on some form of student loan program. An education isn’t cheap and like it or not you will likely have to take out a loan to pay at least some of your costs. Government student loans offer the lowest interest rates and the most accommodating repayment plans. The Federal government guarantees these loans and most do not require a minimum credit score for eligibility.

Depending upon your college of choice you may be able to secure your student loan through the Federal Direct Student Loan Program. This program provides loans to eligible students with the only lender being the U.S. Department of Education. These low interest loans are designed to create a pathway to higher education for students who may be struggling to find the money to go to college.

Types of Government Student Loans

There are three types of Federal student loans to consider. The Stafford Loan, the Direct PLUS Loan for Parents and the Perkins Loan. Graduating students can also take advantage of a Federal Consolidation Loan to combine all of their college loans into one manageable loan package.

Federal Stafford Loan

The Federal Direct Stafford Loan comes in two varieties – subsidized and unsubsidized. The subsidized Stafford Loan is reserved for students with the most need and the interest that accrues is paid by the federal government for as long as the student remains enrolled in an accredited university or college. The unsubsidized Stafford Loan is available to almost every student who applies, however you are responsible for payment of monthly interest while in school though the principle is deferred until graduation.

Federal Direct PLUS Loan for Parents

The Federal Direct PLUS Loan for Parents is a credit-based alternative loan program specifically designed to provide low cost loans to parents of dependent college bound students. Parents can secure a loan up to the value of the cost of their student’s attendance less any other financial aid their child has been awarded. Repayment of the PLUS Loan begins as soon as the loan is fully disbursed and students must sign a promissory note guaranteeing repayment if the parent or guardian defaults at any time.

Federal Perkins Loan

The Federal Perkins Loan Program offers low interest loans to students who show exceptional financial need. Students enrolled in one of the 1700 participating colleges and universities can secure a low interest loan through that institution to help pay the costs of their education. The Federal government supplies funds to campuses annually, and the campuses in turn award loans to eligible students on a first-come – first served basis. For this reason students are advised to apply to their college of choice early.

Federal Direct Consolidation Loan Program

A standard component of the Federal loan program is the Direct Consolidation Loan. Student graduates with one or more Federal student loans may opt to combine all of them into one loan. This allows the student to reduce his loan payments to one more manageable monthly payment.

Applying for Government Student Loans

Before applying for any government loan you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is required for all forms of Federal aid programs. Whether you are applying for a Federal loan, grant or scholarship the FAFSA is your first step and must be submitted early to meet any deadlines for your loan or grant applications.


Short Term Unemployment Cash Advance Loans ~ Loans For People On SSI #home #improvement #loans


#unemployment loans
#

Short Term Unemployment Cash Advance Loans

It is not a pleasant feeling for sure when you are jobless and bogged with financial worries. If you currently need a cash loan with no job, your pride takes a beating when you keep getting denied by bank officers. Instead of asking from friends or your family members, you can consider a temporary unemployment cash loan. Online approval lenders are available for people who are not employed and have no credit history, and find it almost impossible to get a $900 private cash loan anywhere else.

Unemployment urgent lenders are increasing popular as people are made more aware of their existence, where they can get a no-job cash loan despite having no stable employment. From getting a urgent cash loan for 6 month to tide you out, or to use them as emergency cash for unexpected expenses, these unemployment cash loans are valued as they bring relief for many people who need cash urgently.

You can apply for a short term cash advance loan from non-bank loan companies and there are several online companies that provide these emergency high risk loans for people who have no full time work. The process is simple, with no tedious paperwork or drawn out processing time. You can get instant decision on your online application with no faxing required.

Shorter cash loan companies do not make lending decisions based on just your credit history alone so even if you have 700 credit score, it will not disqualify you from getting one hour approval for a online 900 dollars loan. Some accredited loan lenders may require a guarantor if you are asking for a 6 month urgent loan that is above $900 dollars, but even if that is the case, you would likely be paying cheap interest costs when you have a co-signer.

Repayments terms vary among BBB listed lenders as well. Most unemployment cash advance companies will cap a limit of 180 day on unsecured loans for people without income but if you are lucky, you may come across direct loan companies that are more receptive to giving you an easy approved loan for 6 months. Therefore, finding the best cost installment lending firm for the unemployed that meets your financing needs is important. Interest fees aside, it is good to pick a reputable company with friendly payments guidelines.

To sum up, if you are going to borrow 900 dollar for covering expenses while looking for a new job, an easy approval 6 month loan lender can assist you with your financial needs. Just remember to use them on real necessities and not for frivolous purchases.


Applying for Federal Stafford Loans ~ #debt #consolidation #loans #for #bad #credit


#stafford loans
#

All About Stafford Loans

Student Guide to the Perfect Student Loan

Any student loan is a serious undertaking and should not be entered into lightly. You are agreeing to accept financial aid for your college tuition under contract to repay said loan in accordance with the provisions established by the loan officer. No loan is perfect, but the Federal Stafford Loan comes pretty close. Stafford Loans are the most common form of Federal financial assistance to students seeking to further their secondary education.

Features of the Stafford Loan:

  • Low interest
  • Easy to qualify
  • Undergraduate and graduate students may qualify
  • Government pays the interest on subsidized Stafford loans while student is in school
  • Students qualify for higher annual limits each year
  • No credit check required
  • Six-month grace period following graduation

What is the Stafford Loan?

Stafford Loans are government guaranteed student loans offered to qualifying students currently enrolled in an accredited college or university. These loans are made available through the Federal Direct Student Loan Program or through a private lender that participates in the Federal Family Education Loan Program (FFEL). Federal Stafford Loans are designed to enable students from all backgrounds access to low interest student loans in order to pursue their post secondary education.

Types of Stafford Loans:

  • The Subsidized Stafford Loan is a need based low interest student loan that is guaranteed by the US Federal government. Interest on this student loan is paid by the government for as long as the student remains enrolled in an accredited university or college. A six month grace period following graduation or cessation of classes is granted to allow the student time to enter the workforce and make suitable arrangements to fulfill their payment obligations.
  • The Unsubsidized Stafford Loan is not awarded on the basis of financial need and is available to many more students than the subsidized loan. Student borrowers are responsible for all accrued interest as soon as the loan nhas been disbursed, but may opt to defer these payments until after graduation. The unsubsidized Stafford Loan allows for a six month grace period following graduation before the borrower must begin repayment in accordance with the agreed terms of the original promissory note.

Stafford Loan Interest Rates and Fees

All Stafford Loans originating prior to June 30, 2006 have a variable interest rate adjusted annually and capped at 8.25%. Stafford Loans originating after July 1, 2006 and prior to July 1, 2011 have interest rates that are fixed at 6.8 %.

Subsidized Stafford Loans for undergraduate students granted between July 1, 2011 and June 30, 2012 will have fixed interest rates of 3.4%. For graduate and professional degree seeking students that fixed rate rises to 6.8%.

Unsubsidized Stafford Loans currently have a fixed interest rate of 6.8% for all student borrowers whether they are enrolled in undergraduate, graduate or professional degree seeking programs.

Stafford Loans, as guaranteed by the Federal government, remain one of the safest, most beneficial and lowest impact student loans available.

Qualifications for a Stafford Loan

The first step towards qualifying for a Federal Direct Stafford Loan is to fill out and submit the Free Application for Federal Student Aid. or FAFSA. Most students will qualify for some form of financial aid but until you submit your FAFSA you will never know what is available to you. Stafford Loans are the most common financial aid available to students entering college and nearly every applicant is eligible for either a subsidized or unsubsidized loan package.

Basic eligibility requirements for the Stafford Loan include:

  • Student must be a U.S. Citizen, permanent resident or eligible non-citizen
  • Student must complete and submit the FAFSA before the annual deadline
  • Student must be enrolled at least half-time in an accredited college
  • Student must not be in default on any other education loan

To qualify for a subsidized Stafford Loan student must meet the income requirements for need based aid.

Applying for a Stafford Loan

You must complete a FAFSA to qualify for any type of Stafford Loan. Students are notified if they are approved for need-based subsidized Stafford Loan funds. You are free to apply for unsubsidized Stafford Loan funds over and above any subsidized funds for which you’ve been approved.

Once you choose a student loan lender you will complete the Master Promissory Note for the Stafford Loan. This document details all the fine print of the loan, including your repayment responsibilities and terms.

Repayment of Stafford Loans

For both subsidized and unsubsidized Stafford Loans you have a standard 6-month grace period before you must begin repayment. During this time you are given information on repayment and reminded of loan terms and details of your payment schedule.

If at any time you have problems repaying a Federal student loan, you may apply for a Special Direct Consolidation Loan. Special Direct Consolidation Loans are designed to help borrowers manage their debt by placing all of their loans with one lender and reducing their payments to one manageable monthly bill.

Stafford Loans are the most common and most affordable student loans you can find in today’s lending market. Government regulation makes these loans safe as well as dependable and help to give students from all walks of life the opportunity to realize their potential by attending college of university.


Government Student Loan Programs ~ #federal #student #loan


#government loans
#

First Step: Government Student Loans

Your Number One Student Loan Choice

Low cost student loans are the number one source of financial aid for college bound individuals. There are two types of student loans to consider. The Federal student loan and the private lender student loan. Both have their advantages but savvy students will turn to the Federal student loan first. With easier qualification standards and lower fixed interest rates Federal loans make a college education more accessible to students from all walks of life.

Go Federal First

Most college bound students will need to rely on some form of student loan program. An education isn’t cheap and like it or not you will likely have to take out a loan to pay at least some of your costs. Government student loans offer the lowest interest rates and the most accommodating repayment plans. The Federal government guarantees these loans and most do not require a minimum credit score for eligibility.

Depending upon your college of choice you may be able to secure your student loan through the Federal Direct Student Loan Program. This program provides loans to eligible students with the only lender being the U.S. Department of Education. These low interest loans are designed to create a pathway to higher education for students who may be struggling to find the money to go to college.

Types of Government Student Loans

There are three types of Federal student loans to consider. The Stafford Loan, the Direct PLUS Loan for Parents and the Perkins Loan. Graduating students can also take advantage of a Federal Consolidation Loan to combine all of their college loans into one manageable loan package.

Federal Stafford Loan

The Federal Direct Stafford Loan comes in two varieties – subsidized and unsubsidized. The subsidized Stafford Loan is reserved for students with the most need and the interest that accrues is paid by the federal government for as long as the student remains enrolled in an accredited university or college. The unsubsidized Stafford Loan is available to almost every student who applies, however you are responsible for payment of monthly interest while in school though the principle is deferred until graduation.

Federal Direct PLUS Loan for Parents

The Federal Direct PLUS Loan for Parents is a credit-based alternative loan program specifically designed to provide low cost loans to parents of dependent college bound students. Parents can secure a loan up to the value of the cost of their student’s attendance less any other financial aid their child has been awarded. Repayment of the PLUS Loan begins as soon as the loan is fully disbursed and students must sign a promissory note guaranteeing repayment if the parent or guardian defaults at any time.

Federal Perkins Loan

The Federal Perkins Loan Program offers low interest loans to students who show exceptional financial need. Students enrolled in one of the 1700 participating colleges and universities can secure a low interest loan through that institution to help pay the costs of their education. The Federal government supplies funds to campuses annually, and the campuses in turn award loans to eligible students on a first-come – first served basis. For this reason students are advised to apply to their college of choice early.

Federal Direct Consolidation Loan Program

A standard component of the Federal loan program is the Direct Consolidation Loan. Student graduates with one or more Federal student loans may opt to combine all of them into one loan. This allows the student to reduce his loan payments to one more manageable monthly payment.

Applying for Government Student Loans

Before applying for any government loan you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is required for all forms of Federal aid programs. Whether you are applying for a Federal loan, grant or scholarship the FAFSA is your first step and must be submitted early to meet any deadlines for your loan or grant applications.