Loans for Students
There are several typs of loans available for both graduate and undergraduate studies. Students can get both government sponsored and private education loans to pursue their educational dreams.
Direct Loan Program
- This progam is run by the Department of Education and managed by the school. Students can apply for both unsubsidized and subsidized Stafford and Plus loans this program. If qualified the school issues the loans to the students.
Federal Family Education Loan (FFEL) Program
- This program offers Department of Education subsidized Stafford and Plus loans which are funded by private lenders to students and their families.
- These loans are available to the graduate students and parents of undergraduate students. Graduate students can defer payments until graduation. The parents of undgraduate students are required to start paying back immediately.
Subsidized Stafford Loans
- These loans are available to students who demonstrate financial need on their Free Application for Federal Student Aid (FAFSA). The government pays for the loan's interest while the student attends school. Once they graduate, the student takes over the payments. As of July 1, 2006, these loans carry a fixed rate.
Unsubsidized Stafford Loans
- These loans are available to students regardless of their financial status. Students can either start paying the interest immediately or let it compound and start paying it after graduation. As of July 1, 2006, these loans carry a fixed rate.
- These loans allow individuals to combine their federal student loans into one loan with one fixed interest rate and one monthly payment throughout its duration.
- How to choose a lender for school loan
- Student Loan Consolidation
- Qualifications for Student Loan Consolidation
- How to refinance your student loan