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Grads Can Finance Their Online education Programs Through Federal family Education Loans
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.
Students who wish to apply for financial aid should usually take the first steps towards looking at federal student aid first. They can apply by filling out the FAFSA, or free Application for Federal Student Aid. This application is free and can be filled out either online or at your school. It helps the government to determine what financial aid you will be best qualified to receive.
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.
Stafford Loans are another well-known student loan offered to assist with financial aid and are actually divided into two programs. One is called the Federal Family Education Loan program (FFEL); the other is called the William D. Ford Direct Loan program. Both programs have definite differences, as well as similarities, but the important basic fact is that both programs provide financial aid to students who are looking for ways to pay for college.
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.
Another important fact for students who are seeking financial aid in the form of student loans to know is the difference between subsidized and unsubsidized loans. Stafford loans as a whole are offered in both forms. Subsidized loans are offered to students who can clearly demonstrate financial need, because the federal government pays the interest on the loan while students are enrolled in school. Unsubsidized loans, on the other hand, require that students cover the full cost of any and all accrued interest.
Student loans are available in a variety of forms as long as students are informed. The more information they take advantage of, the more they will find undergraduate scholarships and grants for college they are eligible for and the less they will need loans. Tuition for online college programs, as well as a traditional education, doesn’t need to be an insurmountable burden to the college student when they are well-informed and ready to do the research needed.
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