Types of College Financial Aid

Types of College Financial Aid

Types of College Financial Aid

Most graduates easily qualify for student loans. A student loan is considered an important resource, though you should regard them as a last resort, as there is risk in borrowing a lot and accumulating very high indebtedness. It is suggestes to pursue other funding, like fellowships, work-study, employment, and outside financing throughout the academic career. Read the info about student loans. Note that private lenders originate student loans for Stafford programs. A maximum of about $20,500 per year is obtainble to most eligible graduate students. Student loans may be subsidized (when the federal government disburses the interest when the borrower stays in school) and unsubsidized, depending upon the college student's resources. The rate of interest is 6.8% per annum. Also, the U.S. Congress can change some loan regulations and limits. 1. The Perkins Loans. Typically, the Financial Aid Office provides a restricted number of the loans to award them to college students showing exceptional financial need. Also, the rate of interest is 5%; its accrual starts 9 months after graduation and upon withdrawal from a college (or in case a student drop below 6 units). 2. Grad Plus Loan & Alternative Loans. These loan options are accessible for students needing to borrow much more than just the $20,500 federal Direct Loan maximum. Graduate Plus is the federal loan program available to the majority of college students to cover a difference between their whole budget and other academic awards (comprising other federal student loans). The rate of interest on the Graduate Plus loans is fixed and scheduled to be fixed by Congress after the publication's press date. All the details on the loan application process and the current rates are available on the website of the Financial Aid Office. Besides, the alternative loans with the adjustable rates of interest from any private lenders can be obtainable to cover all the unmet need.

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