Plenty of Student Loan Options

There are Plenty of Student Loan Options for Those Who Know Where to Look
If you haven’t already filled out a Free Application for Federal Student Aid (FAFSA), you should go to the federal department of education’s website today and get started. The FAFSA will ask a series of detailed questions about your own income, that of your parents, your tax status, age, and the degree you plan to get. That information will then be used by the government to determine your eligibility for federal loans. The most common type of federal student loan is the Stafford Loan. Money for a Stafford Loan will be paid either by private lenders in cooperation with your school and the government, or by the government itself if you attend a “direct lending” school. There are two varieties of Stafford Loans. In the case of subsidized loans, the federal government pays the interest until you are out of school. You must pay the interest on unsubsidized loans, which are available to anyone who fills out FAFSA, but the interest is capped at a lower rate than it would be for a private lender. Depending on how many years you’ve been in school and what degree you seek, you will be limited to different maximum Stafford Loan amounts. Perkins Loans, also disbursed by the federal government, are given to students with “exceptional” financial need, and are governed by different rules than Stafford Loans.

To request more information on financial aid for college, click here.