What is a PLUS loan?
There are two types of PLUS loans: the Parent PLUS loan and the Grad PLUS loan. All PLUS loans have a fixed interest rate of 7.9 percent and are not subsidized, which means that interest accrues while enrolled in school. ...
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What's a Stafford Loan? Why is the FAFSA important? Learn the basics about student loans and repayment options by searching for your answer.
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Should I choose federal student loans or private student loans?
If you must take out student loans, federal student loans are the best option for the vast majority of borrowers. It is best to max out your federal student loan options before you borrow any private student loans. Federal student ...
How do I apply for student loans?
All loans made by the U.S. Department of Education require you to complete the Free Application for Federal Student Aid (FAFSA). Schools that receive information from your FAFSA will be able to tell you if you qualify for federal student ...
What are the interest rates on my loans?
All federal student loans borrowed after July 1, 2010 have fixed interest rates. For federal loans disbursed between July 1, 2012 and June 30, 2013 , the rates are: 3.4 percent for undergraduate subsidized Stafford loans 6.8 percent for undergraduate unsubsidized Stafford loans ...
Who can I talk to about student loans?
First, you should talk to your school’s financial aid office – they will have information about your federal student loan options. To find out more information about private student loan options, you might first consult a local credit union or ...
What role does my school play in obtaining student loans?
In order to receive federal grant aid or borrow federal student loans, you (or your family) must fill out a Free Application for Federal Student Aid (FAFSA). Your school’s financial aid office will receive your FAFSA information from the U.S. ...
How much should I borrow?
When deciding how much you should borrow in student loans, it helps to start with a budget for not only the school year but for your total expected time in school. For each additional year that you are in school ...
When do I need to start paying my federal student loans?
For most federal student loans, you must start making payments six months after leaving school. The six-month period following school where you don’t have to pay is called a “grace period.” Federal student loans require online “exit counseling” when you ...
What happens to my federal student loans if I die or become disabled?
Federal student loans do not transfer to another person if you die. Your relatives can notify the loan servicer, and the loans will be canceled. In the case of total and permanent disability of the student borrower, federal student loans ...
What is graduated repayment?
Graduated repayment is a way to repay your student loans that works for those who expect their incomes to rise over time. In graduated repayment, payments start off low and increase every two years. You can contact your loan servicer ...
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