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First-time credit
user/seeker?
Need help
obtaining credit?
"Credit
When Credit Is Due"
is a credit new education course that really works. Over
a third of the
graduates report an in- crease in their credit score and credit rating
within a year of completing this unique 12 week course.
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When Credit Is Due"
is designed for those
individuals who have had some negatives, such as a delinquent loan, a
late payment or bankruptcy.
The twelve lessons may be done as a home study or you may join classroom version that
guides you through the credit puzzle.
Upon completion, those
who complete the final
exam receive a certificate
of completion and your name goes along with about 19,000 other
graduates,
into a national data base.
You will also be entitled to discounts on loan applications, waiver of
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Click here for more information about
"Credit
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Scholarship Locators
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ScholarshipExperts
Want to save time and avoid scams while searching for customized scholarship information?
ScholarshipExperts.com currently offers the most accurate scholarship search service on the Internet, and assists parents and
students as they look for ways to pay for college. |
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College Scholarships and Grants Locator Conduct your searches online. Free Toolkit download. Instant Online Access. |
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www.FinancialAid.com
helps
parents, students and graduates with all of their
financial needs. They have the tools to help you
make the right financial decisions for your education and
beyond. |
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www.nextstudent.com
Are you tired of struggling to repay your Federal Student
Loans? Consolidate your student loan debt now and
lock in record-low federal interest rates. |
Student Loans - The Basics
Student loans are provided by both the private and public sectors
and are available for both undergraduate and graduate students, as
well as to parents
who are helping to pay the educational expenses of dependent undergraduate students.
Because student loans are entitlement programs, any
student who applies and who meets program
eligibility requirements can receive a student loan.
Maximum loan amounts depend on the student's year
in school and on whether a student is independent
from his/her parents.
Student loans are made up of three primary programs:
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The Federal Family Education Loan Program
(known as the FFELP)
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The William D. Ford Federal Direct Loan Program (known as FDLP
or Direct Loans)
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The Perkins Loan Program Federal Family Education Loan Program (FFELP) |
Under FFELP, private sector lenders provide federal
student loans to students and their parents in partnership with
school financial aid offices. Loans made under the FFELP include:
Subsidized Federal Stafford Loans for students who pass a
financial needs test.
This is the largest component of the FFELP, with aggregate
borrowing to $23,000 for undergraduate students and $65,500 for
graduate students. The interest rate on these loans is capped at a
maximum rate of 8.25%
Unsubsidized Federal Stafford Loans for students who do not pass
the financial needs test or need to supplement their subsidized
loans. Borrowers are responsible for interest payments while they
are in
school. The interest rate on these loans is capped at a maximum
rate of 8.25%
Federal PLUS Loans for parents of dependent under- graduate
students. They may borrow up to the cost of attendance per child,
minus financial aid from other sources.
The interest rate is variable, with a maximum of 9%.
Federal Consolidation Loans are designed to help borrowers manage
their loan debt by combining all eligible loans into a single, new
guaranteed FFELP loan with a longer repayment term and a fixed
interest rate.
For students who are eligible for subsized loans,
interest that accrues is paid by the Department of
Education during periods of enrollment, grace, and
deferment.
During the 2000-2001 academic year, over $26 billion
in FFELP student loans was made to eligible students.
In both FFELP and FDLP, loan amounts vary
depending upon what year a student is in school and
financial need. Interest rates on FFELP and FDLP
student loans are set by statute as follows:
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Student Loan Facts More
and more, report college financial aid officers, students and
their parents are opting for student loans from non- traditional
sources and avoiding the many student loan programs made available
by the government. The
reasons are many and varied. Many parents will obtain a
home-equity loan so that the interest may be deducted from their
income taxes, how- ever taking this approach ties up normal lines
of credit which may be sorely needed in the future. Another
reason for this approach is for more cynical. Parents report
that if they get into financial difficulty, they can wipe out the
non-traditional loans and short term credit card debt through
bankruptcy, where as government back student loans will survive
bankruptcy. This is the wrong
approach to funding an education. First of all, the bankruptcy
will make it more difficult, if not impossible to get future loans
for any purpose. The three
primary government loan programs listed on this page are the most
popular programs and make funding available to practically any
qualified student who wants to go to college. |
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