An Introduction to Federal College Loans
The most common type of student loans are federal college loans. The U.S. Department of Education offers a variety of financial programs to help students pay for their higher education. In addition to loans, the U.S. government also offers grants for students in need. Both grants and scholarships are basically free money because they don't have to be repaid. Federal education loans do require repayment and fall under one of three main categories.
Stafford Loans are given on the basis of monetary need and can be obtained from a credit union, bank or directly from the U.S. government. They are a very common type of loan for college students to obtain. Under the category of Stafford Loans are three different types of loans from which you can choose.
Subsidized Federal Stafford Loans are given on a long term basis to those in financial need. They feature a low amount of interest. The federal government pays the interest while the student completes their education and/or when they request payment deferral. Then there are Unsubsidized Stafford Loans, which are also long term but not given on the basis of financial need. This type of loan is low interest and recommended for students who don't qualify for other types of aid or need additional funds. Additional Unsubsidized Stafford Loans are the third type of Stafford Loan for independent students.
Another type of federal loan for students is the Federal Plus Loan. This type of loan is given to parents of college students who are half or full-time undergraduates. The price for school attendance and the credit rating of the applicant factor into whether or not this type of loan is awarded. Repayment of a Federal Plus Loan commonly starts within 90 days of graduation or disbursement of the funds.
The third type of government educational loan is the Federal Perkins Loan. These federal college loans are for students with a high level of need and have the lowest average interest rates. The amount of these loans is limited, so there may be other types of funding required for the student such as one of the other loans described above. Regardless of the loan you choose it is important to make your payments on time because your credit could be damaged if you don't. If you find yourself having difficulty with the payments you may be able to defer or consolidate them.
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Prosperity Bancshares, Inc. Reports Record Second Quarter Earnings Prosperity Bancshares, Inc. , the parent company of Prosperity Bank, reported net income for the quarter ended June 30, 2010 of $31.746 million or $0.68 per diluted common share, an increase in net income of $5.236 million or 19.8%, compared with $26.510 million or $0.57 per diluted common share for the same period in 2009... | ||
San Mateo Union High School District eyes bond measure Paying off an $80 million loan and building a new continuation school thanks to a $100 million to $175 million bond measure that could go before San Mateo Union High School District voters in November could result in $1 million annually for academic causes... | ||
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Sallie Mae Reports Second-Quarter 2010 Results RESTON, Va.----SLM Corporation , commonly known as Sallie Mae, reported core earnings net income of $209 million for the second quarter 2010, which included an after-tax gain of $57 million from $1.4 billion of unsecured debt repurchases... | ||
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Sallie Mae swings to Q2 profit, net interest income surges - International Business Times
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