Graduate Federal Student Loans

Today’s video shows how to graduate student loan debt fast using two federal government student loans programs. Both of these programs are free to apply for. I explain what the Pay As You Earn plan is, and then show how you can use that to get out of paying interest while still making payments on your existing student loans.

Graduate Federal Student Loans

Graduate Federal Student Loans

Direct Subsidized Loan

Direct subsidized loan (DSL) is a federal student loan program established under  IV of the Higher Education Act of 1965. A student who takes out these loans does not have to pay interest while enrolled at least half time at an eligible educational institution. These loans only accrue if the borrower is enrolled at least half-time and have no payment responsibilities until graduation. After graduating, borrowers may be liable for repayment depending on their income level.

Unsubsidized Loan

Unsubsidized loans are unsubsidized loans provided directly to students without being guaranteed by the U.S. Government. To qualify for this type of loan, a student’s financial need cannot exceed the value of the cost of attendance plus any grant money received. Students must fill out the Free Application for Federal Student Aid (FAFSA), and then they will receive a notice about how much financial aid they are qualified for. The amount of unsubsidized loans awarded varies based on whether or not a student is eligible for Pell Grants.

Perkins Loan

Perkins Loans are federally backed, subsidized loans offered to undergraduate students attending institutions of higher education. These loans are available to undergraduates regardless of their financial situation. To be eligible, a student must take out the Perkins Loan before entering college and maintain satisfactory academic progress. There are two types of Perkins Loans, Subsidized and Unsubsidized; however, the difference between them lies in eligibility requirements and the method of funding. The government pays the interest on the loan for the first six months of enrollment, after which the student assumes responsibility.

Stafford Loan

Stafford Loans are a type of subsidized loan offered by the Department of Education to help cover the costs of college tuition. Eligibility guidelines vary according to where the student attends school. While students may be able to use a combination of grants and private scholarships to cover tuition costs, the majority of students turn to federal loans for assistance. A Stafford Loan requires a minimum of 15% of household income and cannot exceed $23,500 per year. Borrowers must repay the entire amount of the loan over 10 years and make monthly payments. However, unlike other loans, there is no maximum loan limit. Income restrictions do apply to those receiving a Stafford Loan.

PLUS Loan

The PLUS loan is a type of subsidized loan that provides additional funds for parents or guardians of dependent students pursuing postsecondary education beyond high school at an eligible public or non-profit private institution. Parents/guardians can borrow up to the cost of the undergraduate degree minus other financial aid received. To qualify for a PLUS loan, borrowers must meet the following criteria:

Be enrolled in an eligible institution

Have been permanently disabled

Be the parent or guardian of a dependent child

Have lived outside the United States for at least three years overseas

Graduate Federal Student Loans

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How to Make Money Off Campus | Tips for College Students

Learn how to make money off campus & tips for students who want to get paid! (www.scamschool.com) One of the biggest mistakes students make in my opinion is not taking full advantage of being able to make some cash while they are off campus… especially if they are studying something trivial at university.

Graduate Federal Student Loans

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