However, dependent students with parents who are ineligible for a direct PLUS loan may be able to receive additional unsubsidized loan funds. Read: How to Pay for College Using These Overlooked Strategies. The current interest rate on direct subsidized loans is 5.5%, which is fixe...
A Perkins student loan was a type of student college loan made to students with exceptional financial need, based upon the student's FAFSA financial aid application. Funds were provided by the federal government for these loans. The interest rate for Perkins loans is 5%, and payments begin 9 ...
Students and families planning to take out federal loans to pay for college this fall will see the highest interest rates in over a decade. The interest rate for direct federal undergraduate student loans disbursed after July 1, 2024 will be 6.53%, the Department of Education announced Tuesday....
Since many high school seniors and college students lack credit, private student loans often require a co-signer, usually a parent or another adult who agrees to pay the loan balance if the student can’t. Federal student loans eliminate the risk of a co-signer having to cover loan payments...
Some students also qualify forfederal work-studyfrom their college, which seems like a loan but is more of an award. Work-study is a program in which a student can work at a designated campus job (students must secure these for themselves) and get a p...
Scott Weingold, co-founder of College Planning Network, an Ohio-based college advising firm, says most students probably aren't eligible to qualify for a private student loan without a co-signer. "If a student has a lot of credit in their name and job, they may qualify." Credit Fixed ...
Found inside the brochure is an information about the three Federal Government loans available to college students including Stafford, Parent Loans for Undergraduate Students (PLUS), and consolidation loans. Meanwhile, each loan is expected to provide low-interest money for students....
To do so, borrowers must either make three consecutive monthly payments on the loan before consolidation or agree to pay the new direct consolidation loan under an income-driven repayment plan. "For many students, consolidation is a good thing. It's just an easy...
Federal College Loans Subsidized vs. Unsubsidized Student Loans PLUS Loan The Dangers of Taking Out a Direct PLUS Loan Private Student Loans for International Students Education Loan Federal Direct Student Loan Program Stafford Loan Disadvantages of Stafford Loans CURRENT ARTICLE Companies ...
Low loan limits The need to file a new FAFSA form every year to maintain eligibility Stricter limits on how you can use the money than with private loans Direct PLUS Loans PLUS loansare designed for the parents of college students and are not based on financial need. They have several appea...