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Federal Stafford Loan : $0 down (for students)
Federal Parent PLUS Loan : Up to $31k per child; No credit check
Federal Perkins Loan : $0 Down (for students); $600 limit
Federal Subsidized Private loan : $0 down (if under 22 years old); $0 interest while enrolled in school
Federal Unsubsidized Private loan : NONE
State Grant Scholarships: Check your state’s website
Grants: Check your local government website
Best Rate Student Loans
Federal Stafford Loan (Federal Direct Subsidized)
The federal government subsidizes federal direct loans through income-based repayment plans. You do not have to make payments while you’re in school, but interest continues to accrue until you begin repaying your loan after graduating. The amount of money paid back each month is determined based upon financial need, your current income, and any other applicable family circumstances.
Payments may be adjusted automatically if your gross monthly income changes due to a pay raise, promotion, or loss of employment. The loan servicer will notify you if your payment plan will change. If you don’t want to repay the entire loan, you can choose to “consolidate” your student debt into one new loan at a lower interest rate with a fixed term, rather than making monthly payments over 10 years.
Federal Perkins Loan
This program is similar to the federal direct subsidized loan, except you borrow your funds directly from a private lender instead of the U.S. Department of Education. Your private lender then makes payments to the U.S. Treasury. Interest accrues on Perkins loans at a higher rate than federal direct loans.
Federal PLUS Loan
If you have low or no credit history, or have defaulted on prior education loans, these types of federally guaranteed loans can be helpful options. As long as you meet certain criteria, you can apply for PLUS loans without regard to your credit score. To qualify, you must be enrolled full time in undergraduate studies, pursuing a bachelor’s degree, and provide proof of financial need.
To receive special consideration under the Income Contingent Repayment Plan, or ICRP, you must meet specific requirements related to your future earnings potential. This includes having a job commitment statement, showing your employer intends to offer you permanent employment after graduation. Once you graduate, you become eligible for ICRP, regardless of your past failure to complete college. This type of loan is intended to help borrowers who graduated from high school and did not attend college.
Private Student Loans
Private lenders often offer generous terms and lower rates compared to federal loan programs, especially for extended periods of time. However, private lenders aren’t regulated by the same agencies that oversee federal lending programs. Therefore, it’s best to shop around among several different loan providers before picking a company. Consider whether you feel comfortable working with a particular lender, since you’ll likely spend many months with them throughout your career.
You’ll want to find out your eligibility for private student loans, including the amount of funding you qualify for, how much interest you will incur, and what fees you’ll have to pay. Fees associated with private loans include origination, servicing, and late penalties. Don’t forget to compare interest rates between companies, and look for a provider offering competitive fees.
GradPLUS loans are designed to assist students who have recently earned their bachelor’s degrees, are still in school, or have just completed graduate school. Depending on the institution that issued your academic credentials, you may be eligible for GradPlus loans if you attended full time for 12 consecutive semesters, were classified as a part-time student for fewer than three semesters, or received a master’s degree.
Your eligibility for GradPLUS is contingent on meeting certain basic requirements. An applicant must be enrolled at least half time in a postsecondary educational institution; however, enrollment at less than 80 percent is considered satisfactory. Additionally, applicants must prove they have demonstrated financial need, are unable to obtain sufficient financing from other sources, and show that they have taken steps to secure gainful employment after graduation. Applications submitted via GradPLUS can take anywhere from two weeks to six months to complete.
Best Rate Student Loans
Description: How good is the interest rate on student loans? In this video, we’ll explore student loan interest rates, compare them in four different states and look at average savings if you refinance.
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Best Rate Student Loans
Federal Stafford Loan
The federal student loan is the safest type of loan to get if you are looking for the best rate. The interest rates start out at about 4 percent and gradually fall over time. There are two types of federal loans available. One of these is subsidized, while the other is unsubsidized. You can only receive a subsidized student loan. These are often referred to as PLUS loans. If you take out an unsubsidized loan, then you may have to pay some of the interest back depending on what kind of income you make before school starts. However, they are the best option for those who want to know they won’t have to pay any money back until after college.
Federal Perkins Loan
If you need a loan that doesn’t require repayment until after school, you might consider taking out a Perkins loan instead. Because these loans don’t need to be paid back until four years after graduation, you won’t have any debt hanging over your head. When figuring out how much you would need to borrow, keep in mind that Perkins loans do carry higher interest rates than subsidized loans. That being said, they still offer a lower-interest rate than private lenders.
Federal Parent Plus Loan
This type of loan is similar to the federal Perkins loan. However, unlike the Perkins loan, you aren’t required to repay this loan until after high school. Also, like the Perkins loan, there are no payments until after college. Just like a Perkins loan, parent plus loans have slightly higher interest rates than a subsidized loan.
Private Student Loan
Private student loans are not federally backed, which means you won’t qualify for certain government programs. They can cost less than other types of loans because they don’t have the same regulations. You will find that many companies offering private student loans have higher interest rates than the U.S. Department of Education. A private lender is likely to charge anywhere between 5 and 10 percent more than a federal lender does.
While private loans are good options, there are state grants offered by the federal government that you might be eligible for. These grants are sometimes called “scholarships” since they are given for educational purposes. Most states give out their own unique grant money. For example, New York gives out grant money based on financial need. Other states give out scholarships for specific majors. Make sure to check each state’s website to learn more.
You should definitely apply for scholarships before starting college. While you will probably hear people say that you shouldn’t get a scholarship, it’s true that you should always look for them first. Many schools have scholarships for students who attend their institution. These scholarships vary in amount and length. Sometimes they are even awarded to international students. Make sure to check with your advisor, admissions office, and financial aid office to see what kinds of scholarships you could potentially receive.
Banks & Credit Unions
There are several ways to finance college. You can either work your way through school, take out a student loan, save up money, or use credit cards. Each method has its pros and cons.
Best Rate Student Loans
Federal Direct Loan Program (Direct Loan)
The federal direct loan program (direct loan) is a student loan program run by the federal government that provides low-interest loans to students who have been accepted for enrollment at colleges or universities. These loans are issued directly from the U.S. Department of Education (DOE), and they do not require repayment until after graduation and two years of jobless payments; however, interest accrues while enrolled in school. The interest rate for undergraduate students varies depending on their credit history; therefore, applicants should ensure good credit scores before applying for a federal direct loan. In addition to the federal direct loan program, many states offer additional student loan programs that may provide lower-cost options than the federal direct loan. However, these loans tend to have much higher rates of interest.
Perkins Loan Program
Perkins loans were established by President Franklin D. Roosevelt’s executive order under the authority of IV, Part B of the Higher Education Act of 1965 (P.L. 89-329). The goal of the Perkins loan program was to help ease the burden on family farmers by providing them access to education. Perkins loans can be applied for by any farmer between the age of 18 and 24, regardless of whether the borrower attends college or university. The amount of the loan is based upon the income of the borrower and his or her family members, as well as the cost of attending college. Students in either of the following situations may qualify for the Perkins loan:
If the student intends to attend school full time during the period of enrollment and does not intend to work immediately upon graduating.
If the student plans to attend school part time while working full time.
Perkins loans are generally issued based on the number of dependents that the applicant has. Dependent children include a child born prior to the application date plus a dependent stepchild or adopted child who is related to the applicant by blood or marriage. A non-related adult cannot be considered a dependent unless he or she lives with you and contributes to your household expenses.
Stafford Loan Program
Stafford loans are federally subsidized student loans that originate from the United States Department of Education (USDE). The aim of the Stafford loan program is to make higher education accessible to those who would not otherwise be able to afford it. Unlike other types of student loans, Stafford loans are not paid back until the end of the repayment term, which is six years for undergraduates and ten years for graduate students. The maximum amount of money that can be borrowed is $23,500 per year. Interest begins accruing nine months after the date of disbursement.
PLUS Loan Program
The purpose of this loan program is to assist students who need financial assistance above and beyond what is covered by the Stafford loan program. To qualify for a PLUS loan, the student must be a permanent resident or citizen of the US and be enrolled half time or less. After meeting certain requirements, the PLUS loan amount equals the difference between the total amount being borrowed and the amount of the Stafford loan limit. Plus loans are unsecured, meaning that no collateral is necessary to obtain a loan. There is a 10% origination fee associated with each PLUS loan.
Parental Loan for Undergraduate Students
Parental loans are a type of student loan that is granted to parents of freshman and sophomore undergraduate students. Parents can borrow a maximum of $20,000 in the first 12 months and $10,000 in the second 12 months, provided that both amounts are repaid within 15 years. Parents must meet specific guidelines to be eligible for parental loans, including having a regular monthly income ($3500 or greater) and being employed by an educational institution.
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