I’ve heard of the Perkins Loan, Stafford Loan, and thos PLUS loans, but what is best for undergraduates, and which offers the most, (like the Stafford loans give $5500)? I would like to recieve a little more than that. If there are other federal loans that I should look into, I’d appreciate what you can give me.
Oh, and can I take out more than one loan?
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July 5th, 2009 at 5:53 pm
You first need to fill out the FAFSA to see what federal aid you qualify for (http://www.fafsa.ed.gov/ ). The Perkins loan has the lowest interest, but requires a higher level of need. The Stafford Loan can be subsidized (the government pays the interest while you are in school) or unsubsidized (the interest accrues). The PLUS loan is taken out by your parents to pay for your education.
You can use any authorized lender for a federal loan, they are all bound by the same guidelines.
For more information on federal loans see these sites from the Department of Education:
Student Aid on the Web home page:http://studentaid.ed.gov/PORTALSWebApp/s…
Fact sheet on loans: http://studentaid.ed.gov/students/attach...
Funding your education brochure: http://studentaid.ed.gov/students/attach...
For more information talk to your school’s financial aid department. There may be state or local money available in aid.
July 5th, 2009 at 9:48 pm
First off, late me say, whatever you do, don’t get ANYTHING, and i mean ANYTHING through Sallie Mae or any of its affiliates. Do your research and you will know why.
Now, on to your question Perkins and Stafford are the best, however, very few people qualify for Perkins(they have the most affordable interest rates And you have to have good credit in order to get it) All the loans only give out a set amount. So even if you need more, they can’t and won’t give it to you because you only get a set amount per school year, semester, or quater, however your school does it. Your options right now should be scholarship. Fill out a crap load. Check and see if you state offers scholarships (most state scholoarships only applies to residents though, so if you’re going out of state, it might not work. But check to see).
The last thing you want to do is get a private loan. You should avoid private loans like the plague. The interest rates will kill you and they aren’t bound by the same rules and federal stafford and perkin loans are. Be very careful, and again get NOTHING, i mean absolutely NOTHING through Sallie Mae. You will regret it if you do.
July 5th, 2009 at 11:43 pm
Student loans are meant to help students who are unable to bear their educational expenses. Student loans are different in different countries in the way they are devised, but then the common types of student loans available are the undergraduate loans, college student loans, private student loans and federal family educational loans.
http://www.worldbestloans.com/student-...
Student loan repayments are not made until the student completes his graduation. This facility helps him to concentrate on his studies and earn some little amount of money while he is studying, but repayment has to start once he finishes his education.
July 6th, 2009 at 4:13 am
The federal loans are based on what year you are in as an undergraduate. The closer you are to graduating from college, the more you are eligible to get. As far as the plus loans go, that is determined by your school. I believe every school has a cap on each student. For example, for the fall and spring semester, I was given about 9 thousand from the financial aid department, but I decided I wanted to take summer classes but did not have the money. So my father took put a PLUS loan, I called the financial aid dept and they said I was eligible for 6500 more through whatever other loan service I decided to choose from. Think VERY hard about private companies such a Sallie Mae etc….you will more than likely regret borrowing any money from then when you graduate. Your best best will be to call your financial aid dept and ask them what your options may be, especially to find out the lowest interest rates available.