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Loans


There are basically TWO types of Student Loans:

1. Federal Loans


2. Private Loans

FEDERAL LOANS

Federal Loans are available for students who participate in a 2-year, or 4-year public or private college or university. These loans generally can be used to pay for tuition, room and board, books, transportation, and other fees. Federal Loans are awarded to college students, and are usually based on Financial Need. However, there are certain loans, such as Stafford Unsubsidized Loans, that are also available to students who did not qualify for Financial Aid.


Quick Tips about Federal Stafford Loans:

• Federal STAFFORD Loans are available to nearly all college students.


• It is NECESSARY to fill our FAFSA forms before applying for a Stafford Loan.


• Students must be enrolled at least 1/2 time.


• Students must be US Citizens, permanent residents, or eligible non-citizens.


• The maximum total debt from Stafford Loans for Undergraduate Students is $23,000– this is distributed throughout the four years. You will have a 6 month grace period after graduation until payments begin.


• You can apply online FREE: www.staffordloan.com

Quick Tips about Federal PERKINS Loans:

• Perkins loans are distributed by the College directly.


• Perkins Loans have a $4,000 annual limit, and are awarded for students with “exceptional” need based financial aid.


• There is a 9 month grace period after graduation, and only a 5% interest rate.


• To apply for a Perkins Loan, you must submit a FAFSA form. Your loan will come as a check from your college.

PRIVATE LOANS

Private Student Loans can help you pay for college. There are hundreds of different types of Private Student Loans. You should only use Private Student Loans after you have tried all other options because they have high interest rates, and create a lot of debt that is waiting for you as soon as your graduate. If you must have Private Loans, be conservative and only borrow what is absolutely necessary.

Some Helpful Sites:

www.SallieMae.com Sallie Mae is the leading provider of Student Loans. This website offers a lot of information about all types of loans and alternative ways to pay for college.

www.NextStudent.com This website offers advice about Student Loans for college students, high school students, and parents.

www.EducationOne.com Chase Bank offers resources and advice on Loans and alternative ways of paying for college and education.

More Student Loan Links:

www.StudentAid.ed.gov The US Department of Education offers all types of resources and information about loans, financial aid, and scholarships.

www.StudentLoans.com Check out this non-profit education lender dedicated to making high education possible for everybody.

www.NSLDS.ed.gov The National Student Loan Data System is a National Online Database that helps you retrieve your loan information.

 

 

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