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Stafford Loans Help Distance Learning Online degree Program Grads Facilitate Their education
Sometimes, savings, loans and scholarships just aren’t enough to cover the full cost of a college tuition. Students may have to rely on their good credit and the government to qualify for student loans. Fortunately, there are a number of options available for students who need these types of funds to make college a reality.
The federal government offers a number of student loan options to help students from a number of different situations qualify for financial aid. All federal student loan programs use the FAFSA (free Application for Federal Student Aid) as a main application, which can be completed online or at your school. The FAFSA is free of charge and will help determine what financial aid you will best qualify for.
A Federal Perkins Loan, also known simply as a Perkins Loan, is a need-based student loan offered by the U.S. Department of Education. As of the 2009 academic year, undergraduates are limited to a loan of $5,500 per year with a lifetime maximum loan of $27,500. For graduate students, the loan maximum is increased to $8,000 per year with a lifetime limit of $60,000 (although that number does include undergraduate loans). Perkins loans carry a fixed interest rate of 5% for a ten-year repayment period. Borrowers have a nine month grace period – they begin repayment in the tenth month upon graduating, when falling below half-time status or with their withdrawal from their school. The 5% interest does not begin to accrue until the borrower begins to repay the loan.
Both the Federal family Education Loan program (FFEL) and the William D. Ford Direct Loan programs fall under the title of Stafford Loans, a source of financial aid for students who need help paying for college. Stafford loans are two of the distinguished loan programs for students to access financial aid, and their names may be recognizable. Although both programs fall under the same title, they are not interchangeable and have definite differences that students need to recognize before applying for aid.
The FFEL program is unique in that it’s not the federal government offering the money for student loans. In fact, FFEL program loans are offered by private lenders, who provide their own funds to cover the costs of the loans – in exchange, the federal government offers the lenders subsidies. FFEL loans can therefore be offered at low interest rates to students seeking financial aid.
In contrast, the William D. Ford Federal Direct Loan Program (FLDP, FDSLP or Direct Loan Program, for short) offers students loans with the money borrowed directly from the U.S. Department of Education. The U.S. Treasury provides these funds, and students must qualify after filling out their FAFSA and demonstrating financial need. The difference in the lender of the capital for the loan is the major differentiation between the FFEL and the FLDP programs.
Besides being separated by lenders, Stafford loans are also differentiated into two different groups based on interest. Subsidized Stafford loans are offered only to students who demonstrate financial need, and the government pays the interest on the loan while the student is enrolled in school, during the grace period and also during any authorized deferment. Unsubsidized Stafford loans don’t share the interest with the government, and the student borrower remains responsible for all accrued interest.
Students who feel overwhelmed by the bill at the beginning of a traditional or online degree education program semester don’t need to stress about relying on a shoestring budget to pay for school. Student loans are an accessible solution, when undergraduate scholarships and grants for college just aren’t enough, and available in a variety of forms. With low interest and programs geared specifically towards those who have a true financial need, student loans are an affordable and functional solution to the cost of college.
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