Archive for July, 2016

July 10, 2016

Student education loans offer a greater flexibility, and more manageable terms and conditions than standard non-education loans.

Most education loans do not have interest rates. Student loans with higher interest rates are usually only available for undergraduates, while student loans with lower interest rates are usually only available for graduates. Both of these can be refinanced , click here to learn how to refinance student loans.

Learn more about Student Loans

How to Obtain a Federal Loan

Student loans are available through a variety of institutions and in a variety of forms. The Federal Direct Loan program and the Federal Family Education Loan Program offer several options to assist students with obtaining their student loan.

Many of the options will require you to apply, depending on your financial situation and educational background. A few examples of options that may be available are: A Federal Direct Consolidation Loan is an option that allows students to consolidate their Federal Direct Loans into a single loan that is eligible for interest-free repayment. This loan allows students to pay lower monthly payment amounts.

An “Obligatory Repayment” option is available for Federal Direct Subsidized and Unsubsidized Stafford Loans. Federal Direct Consolidation Loans may be used to help cover the costs of tuition, fees and books, as well as living expenses.

Federal Direct Consolidation Loan Types

The following are the various federal student loan consolidation options available through the Direct Consolidation Loan Program.

Undergraduate Direct Consolidation Loan:

Student will not be eligible for Federal Direct Consolidation Loan if he/she has any federal student loans other than Federal Direct Unsubsidized Stafford Loans (FLSA-eligible) or FFEL loans other than Federal Perkins Loans, Direct Consolidation Loan, Direct Consolidation Loan for Graduate or Professional Students, or Direct Consolidation Loan for Parents of Graduate or Professional Students.

Student will not be eligible for Federal Direct Consolidation Loan if he/she has any federal student loans other than Federal Direct Unsubsidized Stafford Loans (FLSA-eligible) or FFEL loans other than Federal Perkins Loans, Direct Consolidation Loan, Direct Consolidation Loan for Parents of Graduate or Professional Students, FFEL Consolidation Loan, Direct Consolidation Loan for Parents of Graduate or Professional Students (FFEL-eligible), and Direct Consolidation Loan for Parents of Graduate or Professional Students (FFEL-eligible).

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