The greatest step your child can take toward success after high school is furthering their education. With college expenses on the rise it is more important now than ever that you find your college student affordable loans for college. Whether your child only needs a little to help offset the cost of college, or they are looking for a way to fund four whole years, there are programs and loans ideally suited to help you find your new college student loans to help pay for college.
The easiest, and most popular, place to find your college student loans for college is with the U.S. Department of Education. It provides billions of dollars every year to students who otherwise may have not been able to afford a college education. Loans through the department of education require that the student show a need for assistance, are an American citizen or qualified non-citizen, are eligible to seek education beyond high school, have registered for selective service (if a male between 18 and 25), are or will be working toward a certificate or degree in an eligible program, and are making satisfactory academic progress once enrolled in college.
Most federal education assistance programs, including most loans, are issued based on an applicants need for assistance. The Department of education takes into account income, assets, family size, and the number of students enrolled in college from one family when determining what the expected family contribution is for an applicant. The cost of attendance minus the expected family contribution equals the amount your student is allowed to borrow.
What Are the Federal College Student Loans Available for Students?
The most common loan for college students is the Stafford Loan. The FFEL Subsidized Stafford Loans are awarded based on need and require no interest or premium payments for a certain period of time. Unsubsidized FFEL Stafford Loans are not awarded based on need, but require payment of interest through the entire life of the loan. The lender for both type of FFEL Stafford loan is a private bank, credit union or other private lender. The third type of Stafford loan is a Direct Stafford Loan, which has the Department of Education as the lender.
Federal Perkins loans are available through, and paid back to the school, and are awarded based on need and availability of funds at the school. Undergraduates can receive up to $4,000 per year and have up to 10 ten years for repayment depending on the loan amounts.
The Department of Education has several loans in place specifically for college students. The amount they can borrow, interest, and re-payment requirements vary so make sure you find the right loans for your situation.
Do you need to know Which Student Loan Companies Are The Best and know more about the Considerations When Filling Out A Student Loan Application? Click on over to Mike Herman's http://www.StudentsAndCredit.com and get the help you need.
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