How To Apply Federal Student Loans?

4 min read

Create a Personal Loan Estimate (PLE)

A PLE is created online by your lender after you fill out your student loan application. Your estimated payment amount includes principal and interest payments along with any fees charged by the government. You’ll know how much you’ll pay each month before you apply for the loans.

Determine How Much Money You Can Afford to Pay Each Month

The minimum monthly payment amount is determined by the type of loan and your repayment plan. If you choose a fixed-rate loan, you’ll have one monthly payment throughout the entire term of the loan. Variable-rate loans carry a variable rate. In some cases you may be able to lower your monthly payment. See if you qualify for an income-driven repayment program.

Choose the Right Repayment Plan

Each federal student loan comes with an assigned repayment plan. Depending on your situation, you might need to choose between different plans to reduce the total amount you owe over time. A standard 10‐year repayment plan requires that you pay back 15 percent of your income while a graduated repayment plan caps your monthly payment at about 5 percent of your discretionary income. A Public Service Loan Forgiveness Program may help you avoid paying back student loans entirely.

How To Apply Federal Student Loans?

What are federal student loans?

Federal student loans are loans that are provided by the government to assist students pay for their college education. These loans are available to any student regardless of financial need or parental income. There are two types of federally subsidized loans – unsubsidized Stafford loan and unsubsidized PLUS loan.

How do I apply for federal student loans?

You’ll be prompted to choose your program when you register for your Direct Loan. You may also be able to apply for them at your school’s financial aid office. You should complete an FAFSA (Free Application for Federal Student Aid) even if you’re already receiving federal grants and scholarships to determine your eligibility for these loans.

Do I have to take out a Federal Student Loan?

If you wish to attend college in the US, then you must be enrolled full-time. If you drop below half time enrollment, then you are not eligible for assistance. However, you do not have to use your federal student loans to pay for your tuition. In fact, many students prefer to use their other sources of funding.

Can I get other private student loans while I’m attending college?

Yes, you can get other private student loans. But remember, interest rates on private student loans will vary based on creditworthiness. Also, some schools may require you to borrow all of your loans from them before they will give you financial aid.

Will my parents be responsible for paying back the Federal Student Loans?

No. Your parents will never be responsible for repaying your federal student loans.

How To Apply Federal Student Loans?

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How To Apply Federal Student Loans?

Know Your Options!

Federal student loans have some interesting options that can help you get out of debt faster. If you’re looking at consolidating your federal student loan(s), then you’ll want to know about the different types of consolidation programs.

Consolidation programs can range from a low-interest rate Personal Loan (PL) to a higher interest Rate PL, PLUS Loan, Consolidation Loan, Graduating Loan, Income Based Repayment, and even a Pay As You Earn program.

The first step is to visit www.finaid.org/studentloans/consolidation to find out what’s right for you.

Start Early!

Apply now before you take out any federal student loans. There may be deadlines if you plan to consolidate your loans early.

Applying for these loans can start the repayment process as soon as you receive them. You can use the money you would have put towards payments for school towards paying off your loans instead.

One thing you should note: while waiting to apply, remember to keep making monthly payments to avoid accruing additional fees.

Be Patient!

Don’t expect to pay off your loan overnight. Depending on your situation, it could take years to fully repay your loans.

To make sure you stay on track, set up automatic payments. Also, be aware that your payment amount will increase if you miss a payment.

Payments are based on your financial standing at the time of application. Once you start repaying, your payments will adjust automatically to reflect changes in income.

If you don’t feel comfortable with Automatic Payment, check out www.myrepay.com. This website offers a simple way to manage your payments when you’re ready.

Shop Around!

How To Apply Federal Student Loans?

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