Federal student loans
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How to Get Student Loan. Discover Student Loans offers private student loans for international students who are attending an eligible US college or university. International students require a creditworthy cosigner who is a US citizen or Permanent Resident, Visit:-http://www.howstudentloan.com/
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Federal student loans
- 1. For more details kindly visit:- http://www.howstudentloan.com/ What types of federal student loans are available?
- 2. The William D. Ford Federal Direct Loan (Direct Loan) Program is the largest federal student loan program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available: Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer. The U.S. Department of Education has two federal student loan programs:
- 3. How much money can I borrow in federal student loans? If you are an undergraduate student: Up to $5,500 per year in Perkins Loans depending on your financial need, the amount of other aid you receive, and the availability of funds at your college or career school. $5,500 to $12,500 per year in Direct Subsidized Loans and Direct Unsubsidized Loans depending on certain factors, including your year in college. If you are a graduate student: Up to $8,000 each year in Perkins Loans depending on your financial need, the amount of other aid you receive, and the availability of funds at your college or career school. Up to $20,500 each year in Direct Unsubsidized Loans. The remainder of your college costs not covered by other financial aid in Direct PLUS Loans. Note: A credit check is required for a PLUS loan.
- 4. Qualifications for Direct Federal Student Loans The requirements for Federal Direct student loans are the same as other Federal student loans. In order to qualify for these loans you must: Be a U.S. citizen, eligible non-citizen or eligible resident. Be enrolled in an accredited college or university half- time or more. Fall within in the qualifying income bracket determined by the government and your school. Have no history of defaulting on a student loan.
- 5. 5 Applying for Direct Federal Loans You must complete the Free Application for Federal Student Aid , or FAFSA, and file it before the Federal and state deadlines. If you fail to file in time you eliminate your chances of a securing a low cost Federal loan for the upcoming school term and will not be able to re-apply until the following term. The application is lengthy and in depth. Your guidance counselor or college adviser can help you through any difficult sections.
- 6. Repayment of Direct Federal Loans Federal Direct Stafford Loans and Federal Family Education Loans include a 6 month grace period following graduation before you must begin repayment. All Federal student loans offer four basic payment plans. They are: Standardfixed monthly payments for 10 years Extendedfixed or graduated payments for 25 years; the student must carry at least $30,000 in debt to be eligible for the extended payment plan Graduatedpayments increase over life of loan, up to 10 years Income-contingentpayments are recalculated annually under consideration of the students annual income
- 7. Student Loan Tips: Use student loans to supplement other financial aid awards, like grants and scholarships. Make sure to start a college savings plan as early as possible. College accounts like the 529 savings plans allow you to save pre-tax money for college. Understand the terms of your federal and private student loans, before you sign on. You will be bound to the conditions of your loans for many years. Dont miss payments. Be proactive in protecting your credit, by contacting your lender before you default. Consolidation loans, deferments and other accommodations are available, to keep your repayment schedule on track.
- 8. For more details kindly visit:- http://www.howstudentloan.com/
- 9. With Regards:- For more details kindly visit:- https://goo.gl/VFzkMd
Editor's Notes
- #3: Capitalized interest is a form of negative amortization, digging you into a deeper hole because interest continues to accrue Extended periods of nonpayment will cause your loan to grow much bigger