What is a Federal student loan?
A Federal Student Loan is a government based loan offered to undergraduate and graduate students to contribute to the cost of schooling, books and materials, and other education-related expenses. The Department of Education makes these available to the students at a subsidized rate under very easy to meet conditions.
The Federal Student Aid Programs are the principal foundation of university financial assistance, each year billions of dollars in financial support are provided through a variety of methods such as grants, work study, scholarships, and loans.
These centralized loans may be subsidized or based on need and unsubsidized or not based on need. Subsidized loans begin to gather interest when you leave school or your attendance drops, while unsubsidized loans begin to gather interest as soon as the loan is fully allotted.
The Federal Student Aid programs are made up of the following categories:
â€¢ Pell grants Stafford loans, available through the Direct Loan Program
â€¢ the Federal Family Education Loan
â€¢ Program PLUS loans for parents and professional students
â€¢ Consolidation loans
â€¢ Federal Work Study
â€¢ Perkins loans
â€¢ Federal Supplemental Educational Opportunity Grants
Eligibility for federal student loans is based on financial need and on several other factors. The financial aid administrator at the college or career school you plan to attend will decide your eligibility.
To receive aid from our programs,
1. You must show financial need
2. You should have a high school diploma or a General Education Development certificate, and pass a test by the U.S. Department of Education.
3. Meet other standards which your specific state establishes and the Department of Education approves.
4. You should complete high school education via home schooling which is approved by the Government
5. You should be working toward a degree or certificate in a a recognised program.
6. You should be a U.S. citizen.
7. You should have a valid Social Security Number
8. You can also register with the Selective Service if required.
9. Maintain a good academic record once in school.
10. Certify that you are not in default on a federal student loan or any other loan and do not owe money or any type of federal student grant.
11. certify that you will use federal student aid only for educational purposes.
Federal Student Loan programs offer several great benefits.
1. The majority of the programs do not need a credit check, which allows even students with bad or no credit history to apply for a loan.
2. Credit checks are a requirement for the PLUS Loans as this loan is issued to the parent and depends on the parent’s credit history for loan approval.
3. Federal Student Loans offer low interest rates which are fixed,
4. There is to be no repayment till the student graduates and for six months after graduation,
5. Students can take advantage of options such as deferment and forbearance.
6. Refinances are also present with Federal Student Loans, by which graduates can consolidate all their student loans and reduce monthly payments.
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A federal student loan is a good alternative for almost all students because of the range of benefits that it offers. So to avoid disappointment apply early and enjoy the benefits.
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