Online Loan Guide, Student Loan Guide

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Online Loan Guide

Student Loans are financial obligations that must be repaid. Pay careful attention to the terms and conditions of any loan you accept to help pay for school. Do not borrow more than you need or can repay comfortably after leaving school.

. Federal Perkins Student Loans
. Health Professions/Nursing Loans
. Federal Direct Subsidized Stafford/Ford Loans
. Federal Direct Parent Loan for Undergraduate Students (PLUS)
. Completing Paper Work

Most student loans have the following characteristics:

They are interest-free while the student is in school on at least a half-time basis and during the grace period (six to nine months after leaving school). Interest begins to accrue during the repayment period (Exception: Federal Direct Unsubsidized Stafford/Ford Loan and the Federal Direct PLUS Loan, on which interest begins to accrue when the loan is disbursed). Repayment on student loans may be deferred temporarily if you return to school full-time or join the Armed Service, Peace Corps, VISTA, comparable volunteer organizations, or become a law enforcement officer. You may have up to ten years to repay the loan, depending on the total amount borrowed or less than ten years, if by making minimum payments your loan is paid off sooner. The Federal Direct Stafford/Ford Loan and Federal Direct Unsubsidized Stafford/Ford Loan have other repayment options which may allow you a more flexible time period for repayment.

Federal Perkins Student Loans

The Federal Perkins loan is a type of student loan that is available to both graduate and undergraduate students. Applicants must demonstrate financial need in order to qualify for this loan. Funds are disbursed by the school and must be repaid to the school. It is a campus based loan program with the school acting as lender using a limited pool of funds provided by the federal government. Following are the terms & conditions :
For the undergraduate students loan limit should be $4,000 to $20,000 maximum per year & for the graduate $6,000 to $40,000 maximum per year With the intrest rate of 5% & a repayment period upto 10yrs.

Federal Direct Subsidized Stafford/Ford Loans

The Subsidized Stafford Loan & The Unsubsidized Stafford Loan are available for both graduate and undergraduate study. While the student is in school, the interest on the loan is paid by the federal government. This loan is need based, so not all applicants may qualify. Unlike the Subsidized Stafford Loan, with this loan the student is responsible for the interest that is accrued on the loan while they are in school. This is not a needs based loan, so students may be eligible for the loan even if they do not show a financial need for the loan. Federal Direct Subsidized Stafford/Ford Loans are awarded to students who demonstrate financial need. Interest is deferred while the student is enrolled in school on at least a half time basis and during the grace period. Students may receive both Subsidized and Unsubsidized loans for the same academic period. Students who do not qualify for need-based assistance may qualify for Federal Direct Unsubsidized Stafford/Ford Loans.

Direct Plus Loans

Direct PLUS loan: this type of student loan is available to parents and guardians of dependent undergraduate students. Borrowers do not need to demonstrate financial need and may borrow up to the cost of attendance; minus any amount of financial aid that may be received. Loan funds are first applied to tuition and fees. This type of government and federal student loan has a variable interest rate. .