Navigating Federal Student Loans
It can be difficult to finance a college education, but federal student loans help provide manageable options that have several benefits over private student loans. Within the category of federal student loans, there are several types of loans, which vary in their details.
With most federal student loans, you must submit a FAFSA (Free Application for Federal Student Aid) before being approved for a loan. You can find this application at most high school counseling centers, college financial aid offices, or online.
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Perkins Loans
As one of the best federal student loans, Perkins loans are approved based on exceptional financial need for both undergraduate and graduate students. The interest rate is fixed at 5% with 10 years for repayment.
The maximum you can borrow depends on your year in school, up to $20,000 for undergraduates, and up to $40,000 for graduate students. The school acts as the lender, and there is a 9 month grace period to begin repaying after you graduate or if you drop below full-time student status.
One of the benefits of Perkins loans is the loan forgiveness. If you go into teaching, nursing, law enforcement, or volunteer in the Peace Corps or military, you are not required to pay back the loan. Several other factors apply as well. You can cancel a Perkins loan at any time.
Subsidized Stafford Loans
Stafford loans are also based on financial need. Your school must be involved in the FFELP, or Federal Family Education Loan Program, to receive money. After the school certifies your eligibility for financial aid, you can get the loan through a bank, credit union, or savings and loan association.
The interest varies annually but is capped at 8.25%. The maximum amount to borrow depends on the year in school and status as an independent or dependent. There is an upfront fee of up to 2.5%, with 10 years to repay with possible extensions.
Repayment must begin 6 months after graduation or dropping below status as a half-time student. Interest doesn't begin accruing until that time.
Unsubsidized Stafford Loans
These vary slightly from Subsidized Stafford loans. They are not based on financial need, and interest accrues from the start of the loan until it is repaid. You can receive these in addition to subsidized loans.
The amount available to borrow depends on federal Pell Grants, Subsidized Stafford loans, and other financial aid that you are receiving.
PLUS Loans
PLUS stands for Parent Loans for Undergraduate Students and, as you may have guessed, is geared toward parents. A credit check is required to qualify. The amount available to borrow depends on the cost of attendance (including, room, board, books, fees etc.) minus any other financial aid.
The interest is fixed at 8.5% and begins accruing from the start. There is an upfront fee of up to 4%, but no collateral is required. Repayment begins 60 day after the money is fully dispersed.
You can get a Direct PLUS loan, which comes through the school, or a FFEL PLUS loan, which comes through a separate lender after the school completes its portion of the PLUS application. Money is sent to the school from the U.S. Department of Education, if it is a Direct loan, or from the lender, if it is a FFEL loan. After the money is applied to tuition, fees, and other charges, the remainder is sent to the parents unless they authorize it for the student or a school account.