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Federal Student Loan
Posted Date: 13 Feb 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Moneyonline Member Level: Silver
Rating:  Points: 2
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A federal student loan will help the individual who has limited resources afford the high cost of a university diploma with a financial aid package for full time studies. Without federal student loans only a few rare students could ever afford to study for top professional careers. These programs, courtesy of the U.S. government, create true opportunities for all students no matter how low their social economic level might be. They have excellent rates and features that are designed for youth at school and youth after graduation, unlike conventional lending programs that have no special arrangements built in. A person can find out if they qualify for a federal student loan by filling out a Free Application for Federal Student Aid (FAFSA) application. All packages are based on financial need from the results of this document.
One of the main funding programs is called the Stafford Loan which includes the total cost of education (tuition, room, board, books, and more) up to the limit the individual qualifies for. This federal student loan has a variable rate which changes every July 1. The individual can avoid uncertain variable rates in federal student loans when they consolidate all the debt that they accumulated over the years into one single debt with a fixed rate. Another type of federal student loan is called the Pell Grant which is available to undergraduate students only and does not have to be repaid. Perkins Loans are low-interest lending programs that must be repaid; the maximum annual amount is about $4,000 for undergraduate students and $6,000 for graduate students.
Funding through the government does have some eligibility requirements. The person must be a U.S. citizen with a valid Social Security Number, or an eligible non-citizen, demonstrating a financial need through the FAFSA. They must have a diploma or qualified substitute and intend to earn a degree in an approved program. Young men are required to register for the Selective Service. Finally, the individual will have to use the federal student loans only for educational purposes and maintain satisfactory grades once enrolled. Two factors that may prevent a person from qualifying for federal assistance are drugs and unpaid debt. An individual cannot be in default of any type of lending program and expect more money. Plus, they cannot qualify if they have been convicted under federal or state law of the sale or possession of drugs. "FAFSA on the web" can help individuals learn more about the particular eligibility requirements. The more information that is learned before agreeing to funding programs, the better the individual will be prepared for repaying these obligations in the future. "A wise man will hear, and will increase learning; and a man of understanding shall attain unto wise counsels" (Proverbs 1:5).
For more details, visit http://For more information: http://www.christianet.com/studentloans
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