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Student Loans

Student loans are loans made available by the Department of Education, banks and other financial institutions. Students pay no interest while in school if they are the borrower and do not have to repay the loan until after graduation.

There are several different kinds of student loans available so that almost any student should be able to qualify for al least one of the loans. Some are federal and some are private loans. These loans include:

Department of Education Loans

Federal Perkins loans - low interest student loans available to US citizens who are full or part-time undergraduate or graduate students. The college financial aid office awards these loans and will determine if you qualify. Perkins loans are awarded on the basis of need and are limited to $4000 per year ($20,000 maximum) for undergraduates and $6000 ($40,000 maximum) for graduate students. They have 10-year repayment period with a 5% interest rate and the borrower must begin repayment nine months after graduation.

Federal Stafford Loans - the most common education student loan funds and are available as both a subsidized and unsubsidized loan. The subsidized loans are need-based and the federal government pays the interest on the loan while the student is in school. You must be a US citizen or permanent resident who are full or part-time undergraduate or graduate students. The limits are: $2,625 - year 1, $3500 – year 2, $5500 – year 3 and 4 and $8,500 per year in graduate school. There is a 10-year repayment period with interest tied to the T-bill rate and repayment begins six months after graduation.

The unsubsidized student loans are available to anyone. The terms are the same except: The borrower must pay the interest while in school. Dependent students are limited to the same maximums as subsidized loans, but independent students may borrow $6625, $7500, $10,500 and $18,500 respectively.

Private Loans Available

Federal Parent Loans for Undergraduate Students (PLUS) – a low interest Sallie Mae student loan available for parents of full time or part time students. They must be US citizens or permanent residents. The entire cost of the education can be borrowed. The loan is repayable immediately. The biggest advantage is that payment schedules are flexible and can even be based on a percentage of the parent’s income and all interest payments are tax deductible.

There are also several course of study private loans available as well such as:

LAWLOANS – student loans available to law schools students

MBA LOANS – student loans available to students pursuing a MBA

MEDLOANS – student loans available to medical school students

Signature Student Loans - a Sallie Mae partners student loans program that is credit based and available to anyone who qualifies.

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Student Loans Student loans are loans made available by the Department of Education, banks and other financial institutions. Students pay no interest while in school if they are the borrower and do not have to repay the loan until after graduation. There are several different kinds of student loans available so that almost any student should be able to qualify for al least one of the loans. Some are federal and some are private loans. These loans include: Department of Education Loans Federal Perkins loans - low interest student loans available to US citizens who are full or part-time undergraduate or graduate students. The college financial aid office awards these loans and will determine if you qualify. Perkins loans are awarded on the basis of need and are limited to $4000 per year ($20,000 maximum) for undergraduates and $6000 ($40,000 maximum) for graduate students. They have 10-year repayment period with a 5% interest rate and the borrower must begin repayment nine months after graduation. Federal Stafford Loans - the most common education student loan funds and are available as both a subsidized and unsubsidized loan. The subsidized loans are need-based and the federal government pays the interest on the loan while the student is in school. You must be a US citizen or permanent resident who are full or part-time undergraduate or graduate students. The limits are: $2,625 - year 1, $3500 – year 2, $5500 – year 3 and 4 and $8,500 per year in graduate school. There is a 10-year repayment period with interest tied to the T-bill rate and repayment begins six months after graduation. The unsubsidized student loans are available to anyone. The terms are the same except: The borrower must pay the interest while in school. Dependent students are limited to the same maximums as subsidized loans, but independent students may borrow $6625, $7500, $10,500 and $18,500 respectively. Private Loans Available Federal Parent Loans for Undergraduate Students (PLUS) – a low interest Sallie Mae student loan available for parents of full time or part time students. They must be US citizens or permanent residents. The entire cost of the education can be borrowed. The loan is repayable immediately. The biggest advantage is that payment schedules are flexible and can even be based on a percentage of the parent’s income and all interest payments are tax deductible. There are also several course of study private loans available as well such as: LAWLOANS – student loans available to law schools students MBA LOANS – student loans available to students pursuing a MBA MEDLOANS – student loans available to medical school students Signature Student Loans - a Sallie Mae partners student loans program that is credit based and available to anyone who qualifies. [home] [category index page] [contact me]