Federal College Loans

Students who do not have the means to pay for college can greatly benefit from Federal college loans. These loan programs are funded by the government and aim to provide students with the much needed money that allows them to pursue their career objectives with ease. As most students and their families cannot afford to pay for college tuition anymore, they look for financial aid. Availing money in the form of Federal college loans allows them to get cover for tuition, fee and other expenses on easy terms and conditions. Most of these loans are granted to students on the basis of need.
 

Types of Federal College Loans for Students
Federal college loans for students include a number of programs. Some of them are:

  • Stafford Loan
  • Perkins Loan
  • PLUS Loan
  • Graduate PLUS Loans

The eligibility, rate of interest, cover as well as repayment options in these programs vary. Stafford loans can be subsidized or unsubsidized; subsidized loans are granted to students on the basis of need while unsubsidized Stafford loans are not based on need. Another type of Federal aid for college is the Perkins Loans. They are also need based loans. PLUS loans are another program that allows students to get money for college. These loans can be availed by the parents of students to help their children enroll in college programs. Another option in Federal loans for college comes in the form of Graduate PLUS Loans. These loans are designed for students who want to pursue graduate or professional programs.
 
Applying For Federal College Loans
Students who want to apply for Federal college loans need to complete the Free Application for Federal Student Aid (FAFSA). They also need to demonstrate financial need and complete other requirements that vary by program.

Advantages of Federal College Loans
There are various benefits of this kind of student loans. As the rate of interest in Federal student college loans is very low, they make a better funding option compared to the private college loans. Also, their easy repayment allows students to focus on their studies rather than worrying about repaying the money while pursuing college programs.

Frequently Asked Question(s)

Q:What are the requirements of cosigners for the Federally Funded Student Loans?

A:The Federally Funded Student Loans have defined requirements for a cosigner. It is essential to have a cosigner with good credit worthiness in order to be able to get approved for financial assistance. If you wish to not add a cosigner with the program, then you need to demonstrate an exceptionally healthy FICO credit score.

Q:Are federal student college loans a better option than private loans?

A:Federal loans have plenty of desirable features like low rate of interest and relaxed repayment options. So, yes, federal loans should always be preferred as compared to private student loans. All you have to do to apply for federal student loans is to fill out the FAFSA form and submit it before the deadlines.

Q:How can I ensure I receive Federal College Loans for students?

A:The most sure shot way of getting federal funding for college is to fill in your FAFSA form on time with the required documentation –doing this on time is extremely important. Another thing that plays a vital role in ensuring federal funding for higher education is to demonstrate financial need and complete other requirements that vary from school to school and course to course.

Q:What are the various types of Federal College Loans?

A:Federal college loans for students are offered by the government on discounted interest rate, which is why they are most popular amongst student. They are easy to pay off and even easier to access. Some of the most note worthy are : Stafford Loan, Perkins Loan, PLUS Loan and Graduate PLUS Loans.

Q:How many types of Federal College Loans are there?

A:There are generally four types of federal college loans for students. These include the Stafford Loan, Perkins Loan, the PLUS Loan and the Graduate PLUS Loans. The eligibility, rate of interest, cover as well as repayment options in these programs vary. To apply for these loans, students need to complete the Free Application for Federal Student Aid (FAFSA).

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