Apply For Fafsa Student Loans

The Federal Family Education Loan Program (FFELP) is a loan program administered by the U.S. Department of Education. FFELP provides loans and grants to students who attend eligible educational institutions.

Eligibility Requirements. To apply for Financial Aid under FFELP, applicants must meet the following eligibility requirements:

Must be enrolled full-time at an eligible institution;

Must have an annual household income that does not exceed $65,000 for dependent students, $110,000 for independent students, and $160,000 for married students filing jointly;

Are US citizens or permanent residents;

Have completed 12 months of course work towards completion of degree program;

Be a first time borrower; and

Not owe any student debt.

How do I Apply? If you meet the above eligibility criteria, you may apply for financial aid online at www.ed.gov/studentloans/index.html. You will need to create a user name and password and enter your personal information before you get started. Students should keep their application active until they receive notification that their application was approved. Upon approval of your application, you will receive instructions regarding how to pay the balance owed to the lending agency.

What Types of Programs are Available? Under FFELP, there are four types of programs: Direct Subsidized Stafford Loans, Direct Unsubsidized Stafford Loans, Parent Plus Loans, and Perkins Loans. There are two types of loans available under each program – unsubsidized loans and subsidized loans.

Direct Subsidized Loans. These loans are only available to undergraduate students attending eligible colleges or universities. These loans carry an interest rate of 6.8% and offer an original disbursement amount of no less than $3,500.00 per year for undergraduates. A portion of these funds will be forgiven after 120 payments have been made.

Direct Unsubsidized Loans. These are the same type of loans that are offered to undergraduate students attending eligible schools and colleges. However, unlike the subsidized loans, these loans provide borrowers with an interest rate of 8.25%. The loans are made directly to the borrowing individual, unlike the subsidized loans which are provided indirectly through the federal government. Because direct unsecured loans are issued directly to individuals, they often carry higher interest rates than those given to students via the federal government. The original loan amount ranges between $0 – $20,000.00 depending on the school attended and whether the student is a dependent or independent student.

Parent Plus Loans. Parents of dependent undergraduate students are able to borrow money for their children’s education. The parent is the only person responsible for repayment of the loan. Since parents are typically responsible for repaying the loan, many parents feel that these loans are somewhat burdensome compared to other options. Many states charge high fees associated with these loans.

Perkins Loans. The Perkins Loan is designed specifically for post-secondary vocational students. Perkins Loans are funded by the Sallie Mae Corporation. While Perkins Loans are similar to FFELP and private lenders, they are backed by the federal government. Unlike the guaranteed student loans, Perkins Loans bear variable interest rates, ranging from 5.85% – 10.45% depending upon the state where the college or university is located. The maximum loan amount for this program is $10,250.00 with the total cost of the loan being determined based on the number of years left until graduation.

Apply For Fafsa Student Loans

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Apply For Fafsa Student Loans

Fafsa student loans are federal loan programs that are offered only to students who meet certain criteria. Students may receive up to $20,000 in financial aid each year. These loans are not dischargeable in bankruptcy and have a fixed interest rate after graduation. If you need money for college tuition, FAFSA student loans could help you pay for school. Apply now!

Apply For Fafsa Student Loans

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The Federal Family Education Loan (FFEL) Program provides financial aid to students enrolled in eligible educational institutions to help them pay for their education costs. You have until April 30th to apply for your FFEL Direct Subsidized loan if you qualify.

Eligibility

Eligible applicants include undergraduate and graduate students who meet certain income requirements and are enrolled at least half time in an eligible institution.

Repayment Options

Your repayment options depend on how much you borrow and when you start repaying. Most loans offer monthly payments over 10 years and allow borrowers to make their first payment after graduation. While student loans do not affect your credit history, they often carry higher interest rates than traditional consumer debt.

What Is Your Monthly Payment?

For more information about loan amounts, terms, and other factors affecting your eligibility visit www.studentloans.gov/disclaimer. If you’re planning on taking out a federal direct subsidized Stafford loan, you may want to consider refinancing your existing private student loan instead.

How Much Do I Need To Save?

You need to save between $500 and $1000 each month to cover the cost of your loan payments. Borrowers who don’t have enough saved should try to get a job while in school or look for scholarships.

When Can I Start Repaying My Loan?

If you’re borrowing under the Federal Perkins Loan program, you can begin repaying your loan immediately upon receiving your degree. However, if you’re borrowing over the Federal Family Educational Loan (FFEL), you’ll have to wait until after the grace period ends.

Other Repayment Questions

Apply For Fafsa Student Loans

Federal Direct Loan (Stafford)

The federal direct loan program is funded by student loans and provides low interest rates on Direct Subsidized Stafford Loans. You may qualify for subsidized students loans if you are enrolled at least half-time.

Federal Perkins Loan

The federal direct loan programs are administered by the U.S Department of Education and are intended for undergraduate students who are pursuing degrees leading to careers in teaching, medicine, law, dentistry, nursing, pharmacy, optometry, public administration, social work, veterinary medicine, and allied health professions.

Direct PLUS Loan

Applies only to parents of dependent undergraduate students; not applicable to graduate students or individuals without dependents.

State and Private Grants

Students often use state grants and private scholarships to help pay for college and/or university expenses. To find out about state grants, visit www.finaid.org. Students should also check their financial aid award letter carefully to make sure they understand what type of grant was awarded to them.

Financial Aid Worksheet

This worksheet helps students calculate how much money they have available to finance their education. Students need to complete the worksheets before obtaining any financial aid.

Free Application for Federal Student Aid (FAFSA)

Students and families seeking federal financial aid have until July 1st to apply for FAFSA forms. Visit www.fafsa.ed.gov to learn more about the application requirements.

College Board Scholarship Search

College Board offers numerous scholarship opportunities to high school seniors and recent graduates. Students interested in applying for these scholarships should contact the organization directly.

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