Access Group Student Loans

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I have been looking at loans lately, and I am currently studying towards my degree here in Canada and need some help finding student loans. I need a loan amount of $10,000 CAD (about 9500 USD) and would love a company who can give me the best deal possible. I have tried using credit card companies before due to them being much cheaper than the bank, however, I do not want any interest charges. If anyone could help me out with what university I should go to, how to get started applying for a student loan, and where I should apply to I would greatly appreciate it.

Thanks so much!~

-Samantha

A:

You’ll probably be able to find information about the application process for individual schools at their websites.

Access Group Student Loans

What is an Access Group Loan?

An access group loan (also referred to as a “loan-forgiveness program”) is a federal student loan repayment plan designed to help borrowers who have low incomes or little to no income while enrolled at least half time at an eligible educational institution. These programs may allow students to make monthly payments between $0 and $100 per month, depending on their financial situation, after they graduate.

How does the Access Group Loan Work?

The Access Group Loan allows the borrower to set up a repayment schedule based on the amount borrowed. At any point, if the borrower makes 120% of their discretionary income (which equals their total gross earnings less taxes), then the remaining balance owed on their loans will be forgiven.

Who Can Receive an Access Group Loan?

Currently, only those who attend schools recognized by participating lenders can receive these loans. In addition to attending school, borrowers must have received a bachelor’s degree within 6 years of the date of enrollment. Borrowers must have not defaulted on their loans prior to receiving an Access Group Loan.

How Do I Apply For An Access Group Loan?

You’ll need basic information about yourself including your Social Security number, driver license number, birthdate, current address, and phone numbers. Your lender will review your application and contact you directly to get some additional information and answer any questions you might have before approving you for the loan.

Are There Any Other Federal Programs That Help Pay Off My Student Loans?

There are many ways that you could pay off your student loans faster. One way would be to take advantage of a federal income tax refund each year, since many taxpayers receive refunds each April. Another option would be to use your employer’s retirement plans to pay back your student loans. But remember, once you start making repayments using either of these options, you will stop accruing interest on the debt. If that isn’t something you’re willing to do or you already started using them, you should check out our article on how to find cheap student loan consolidation.

Access Group Student Loans

Access Group Student Loan

An Access Group student loan offers many advantages over private student loans. An Access Group student loan gives borrowers access to low rates and flexible repayment options. In addition, Access Group’s student loan program provides free and confidential guidance to help students make informed decisions about their education plans. 2. Federal Direct Stafford Loan

A federal direct student loan is a type of student loan offered directly by the U.S. Department of Education (ED) to eligible college students. Eligible undergraduate students may borrow money to pay for tuition, fees, books, supplies, equipment, room and board, personal expenses, and mandatory insurance. Students should first apply for financial aid before applying for a federal direct student loan. Federal direct Stafford loans require a fixed interest rate of 1.86% for subsidized and unsubsidized loans. The minimum monthly payment amounts to $0.00. All payments are deferred until after graduation, except for the prepaid plan where they must be made upfront. Repayment begins six months after the borrower graduates or drops below half time enrollment status. A grace period of nine months is allowed at the start of repayment. Borrowers who have not repaid their debt by the due date will incur additional charges. Interest accrues daily and is compounded once per month.

Federal Perkins Loan

The federal Perkins loan is designed to assist undergraduates in obtaining career training. If you’re interested in pursuing vocational training as part of your educational journey, this program may provide funding for tuition, fees, and related costs as long as you meet certain eligibility requirements. Your loan balance is based on the number of hours you enroll in coursework and the total amount paid by you and your parents toward your education. You can choose between a subsidized or unsubsidized loan. Under the subsidized loan, your lender pays interest while you’re enrolled at least half-time; however, you’ll repay the loan with income-based repayment only after graduating. Unsubsidized loans let you control your own interest rate and payment schedule. Repayments begin 10 years after you graduate or stop attending school, whichever comes earlier. There are no prepayment penalties, making them useful if you’d rather spread out your payments than get caught up in late fees.

Federal Parent Plus Loan

The parent PLUS loan is for undergraduate students whose family’s combined annual household adjusted gross income is less than the median income in the state where you live. Your award includes both direct and indirect costs associated with attendance. Indirect costs are items such as utilities, technology, housing, transportation, child care, etc., which are necessary to attend school. Direct costs are actual expenses incurred while you are enrolled at the institution. These costs include books, tuition, room and board, fees, and other miscellaneous expenses. If your parent’s income meets the qualifying criteria, he or she can use the funds to cover any portion of your educational expenses. You’ll need to complete a Free Application for Federal Student Aid (FAFSA) to determine how much assistance you qualify for. Once approved, you’ll receive notification of the amount available and instructions for submitting a loan application. If you already have a guaranteed student loan, you won’t be eligible for a parental PLUS loan.

Federal Family Educational Loan

This loan is available to undergraduate students who don’t qualify for a federal student aid package but have demonstrated financial need. To be considered for a federal family education loan, you must file the FAFSA above and submit proof that you received a Pell Grant to offset some or all of your anticipated costs. The federal government does not limit the number of loans you can obtain or the amount you can borrow. Most families take out two types of loans: Direct Subsidized Loans and Direct Unsubsidized Loans. For each year you attend college you’ll be given a maximum amount you can borrow. After you’ve completed your degree, you must begin repaying your loan. Repayment starts 30 months after you graduate or drop below half-time enrollment status. Repayment of the principal and interest for subsidized loans will be done under a standard 10-year repayment plan. Unsubsidized loan balances are forgiven after 20 years with a few exceptions. You’ll continue to owe the interest on the remaining principal balance as well as taxes and fees throughout the repayment period.

Private Student Loan

Private student loans are often referred to as alternative financing. They’re similar to a home equity line of credit. You might consider using these loans instead of taking out a federal student loan since they generally offer lower interest rates and more flexibility with repayment. However, there are a variety of limitations that may prevent you from using them.

State Grants and Scholarships

To find information about state grants and scholarships, visit the website of the National Association for College Admission Counseling or the Scholarship America. You can search for scholarship opportunities by searching grant applications, awards, or databases.

Access Group Student Loans

Student loans are a huge financial burden on students in America today. While they often help fund a student’s education and allow them to pursue their dreams, students may not know that many federal loan programs exist. These programs were designed to make higher education easier for students who need financial assistance. Below is a list of some of the most popular student loan options available.

Direct Subsidized Loan – A direct subsidized loan is usually the first option for students looking to finance their education. The interest rate on these loans varies per year, but does not exceed 8 percent. Students should keep track of repayment dates since failure to do so could result in additional fees. Additionally, borrowers cannot incur any origination or prepayment fees if paying back loans under this plan.

Federal Family Education Loan (FFEL) Program – The FFEL program is designed to provide low-interest money for students attending eligible schools. Eligibility requirements depend on whether you intend to attend private, public, community college, vocational school, or technical institute. As long as you meet the minimum eligibility requirements, you can receive an unsubsidized or subsidized loan. The interest rates on FFEL loans vary per school. If you choose to complete your studies at a four-year university, most lenders offer a fixed rate between 4 and 6 percent. Those planning to continue their education after earning their undergraduate degree should look for universities with lower interest rates. In addition to borrowing money for tuition, you can apply the funds towards educational expenses like books, transportation, room & board, and other related costs. You can also use certain FFEL funds to pay off existing student loan debt.

Direct Unsubsidized Loan – Similar to its subsidize counterpart, a direct unsubsidized loan is good for those seeking to finance their education without receiving government aid. Interest rates on these loans range from 5 to 9 percent depending on the lender. Unlike subsidized loans, you can opt out of repaying your loan once you graduate. However, you will still have to pay income taxes on the amount borrowed.

Private Student Loan – When you take out a private loan, you are agreeing to lend money to a person or organization. This includes parents, friends, relatives, and even business partners. Borrowers choosing to finance their education using this method should expect to pay higher interest rates than what is provided by the government. In order to qualify for this type of loan, applicants will need to show proof of earnings, assets, credit history, and/or employment. Once approved, terms of repayment vary based on the lender. Some providers require monthly payments over several years, while others impose single-payment plans.

Access Group Student Loans

Sallie Mae

Sallie Mae is a private loan-issuing company. It offers both federal loans and private student loans. These loans are administered by the Department of Education’s Federal Family Education Loan (FFEL) Program.

Great Lakes Educational Credit Union

Great Lakes Educational Credit Union issues private loans backed by the United States government. These loans are guaranteed by the U.S. Department of Education (DOE). A portion of the proceeds go towards providing financial aid to students pursuing an education at any level, including undergraduate, graduate school, vocational training, and career schools.

Nelnet

Nelnet is a subsidiary of Navient Corporation. Its primary focus is credit enhancement for consumer loans. In addition to its lending services, Nelnet offers consulting and information technology services to lenders and servicers.

Bank of America

Bank of America is a bank holding company based out of Charlotte, North Carolina. Founded in 1852, the company operates primarily in the US, Canada, Mexico, UK, Ireland, France, Germany, Japan, Saudi Arabia, Spain, Italy, Poland, Russia, India, China, Brazil, Chile, Colombia and Venezuela. Bank of America provides commercial banking, wealth management products, and financial services to individuals, small-and-medium sized businesses, corporate clients, municipal governments, and regional, national, and international governmental organizations.

Discover Financial Services

Discover Financial Services is a financial services corporation headquartered in Minneapolis, Minnesota. Discover was established in 1986; however, the company traces its origins back to the 1850s. Discover is the largest issuer of automotive  loans in the United States.

Fiserv

Fiserv Incorporated is a provider of advanced technologies for capital markets, risk management, payments and trade finance, regulatory compliance, electronic data processing, and wholesale cash management solutions. The company is headquartered in Milwaukee, Wisconsin, and employs over 10,000 people worldwide.

TIAA

The Teachers Insurance and Annuity Association provides retirement savings plans and annuities to millions of Americans nationwide. Through private stock ownership accounts, TIAA funds offer their participants access to low-cost investments and an array of investment options. TIAA’s Retirement Plan Options may help save you thousands annually.

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