Student Loan Debt SettlementHere is some information about federal student loans that is very important that you should know.
Borrowing money for college is really a large responsibility, so you need to understand all your options. It is best to look for scholarship grants and grants or loans before you think about student loans. Once you have exhausted scholarship grants and grants or loans, you should look at federal student loans before thinking about private loans.
Federal student loans
Federal student loans are for sale to students and parents to assist purchase college. They've fixed rates of interest and could include government subsidized interest. Furthermore, they've many flexible payment and deferment options. Federal Stafford, PLUS and consolidation loans are actually available exclusively in the U.S. Department of Education's Direct Loan program.
To be able to make an application for federal student aid, you have to first complete the Free Application for Federal Student Aid (FAFSA). After your FAFSA is processed, your school will evaluate the results and let you know the total amount and kinds of monetary help you are qualified to get.
Kinds of federal student loans include:
- Federal Direct Subsidized Stafford Loans
- Federal Direct Unsubsidized Stafford Loans
- Federal Direct PLUS loans (for moms and dads and graduate or professional students)
- Federal Direct Consolidation Loans
- Federal Perkins Loan
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