Find the Best Student Loans that fits your needs. 1. Choose the loan you are looking for. 2. Select the lender that best for you 3. Get connected and Approved
Discover is offering Savings and CD Rates as a high 5.0 % and over
Save yoru money by switching your auto insurance
Click for Free
       Credit Report and Score

How to Save a Million Dollars

Go Banking Rates has a
special calculator
to show you what it takes to
save $1,000,000.

Click Below
to see how you can
be a Millionaire

Go Banking Rate's Weekly Newsletter
Go Banking Rates
Receive a free financial newsletter with the latest rates, special offers and informative articles.
* Email Address:
First Name
Last Name
Your email will not be shared and you can opt-out of alerts at anytime

STUDENT LOANS » College Financing

Posted in Federal Student Loans, Loans, Student Loans

After years of studying and working hard, your little baby is now in the process of filling out college applications. You know your child is getting into a university for sure, now the only obstacle for you is paying for your child's college education. This is the time to research the different options for funding those college expenses. One of the most popular ways to funding your child's education is through a Federal Stafford Loan.

A Federal Stafford Loan is a type of student loan offered to certain eligible students. Students must choose to matriculate in an accredited American institution. Since 1965, The Federal Stafford Loan has been a way to help finance the cost of higher education while the lender is guaranteed repayment if the student defaults on the loan.

Originally called the Federal Guaranteed Student Loan program, it was renamed. In 1988 the program was re-dubbed after U.S. Senator Robert Stafford. He was a Republican from Vermont and was commemorated for his dedication to higher education.

Students who want to apply for a Federal Stafford Loan must first complete an application form for Federal Student Aid (FAFSA). Once approved, the money is either loaned directly from the US Department of Education through the Federal Direct Student Loan Program (FDSLP, also known as Direct) or the money can come through a third party lender through the Federal Family Education Loan Program (FFELP).

While the student is a full time student (enrolled in 12 units or more), the loans does not have to be paid back. There is a six months grace period upon either graduation, reducing one's matriculation status to part time, or dropping out of college. Interest is deferred during this time period and the loans are fixed interest.

This loan program now officially called the Federal Stafford Loan, was signed into an act by Lyndon Johnson's Great Society domestic agenda in 1965. His goal then, as is still the goal now, was to strengthen the government's commitment to higher education for all who choose it.


Posted in Loans, Student Loan Consolidation, Student Loans

Paying for a college education is a costly process. But for aspiring professionals and inquisitive minds, there is no better debt to aspire to have. Statistically those who complete college earn significantly more than their less educated counterparts, over 1.8 average annual salary of a person who only has a high school degree. With a college education more of a necessity for success, a Federal Consolidation Loan can come in handy down the road.

There are many programs (PLUS Loans, Stafford Loans) to help students and parents finance the overall costs of paying for a college degree. But over time the multiple loans with their plethora of payment due dates may become overwhelming and consolidating to one lump payment may help one straighten out their financial house (please note that only a single borrower can consolidate their loans, a guardian and child's debt cannot be merged to take advantage of a Federal Consolidation Loan).

As well as the Federal Government, many lenders offer consolidation loans. A Federal Consolidation Loan is part of the FFEL program, which manages all education loans such as the PLUS and Stafford programs. Like all loans, the borrower must contact the lender and properly apply for a Federal Consolidation Loan. After the application has been received, the review process begins and more information from the borrower's other lenders or from its own system is gathered. The goal to calculate the actual the amount owed on the loans. The applicant will then be notified about the consolidation loan, normal consumer disclosures, the amount owed, and where to make payments.

A consolidation loan is a great way to help organize ones finances. To take advantage of a Federal Consolidation Loan students must graduate, leave school, or drop below half-time enrollment.

PLUS loans are eligible for consolidation once they are fully disbursed.


Learn More About Student Loans

A student loan is a way for a person matriculating in higher education to borrow money from either the government or a private banking institution to pay for their education. Typically, as long as a student is enrolled in an accredited university and is meeting the minimum credit requirements, the repayment of the student loan is deferred until after graduation.

Those looking for a student loan with low interest rates are advised to first complete a Free Application for Federal Student Aid and see if they can get any loan money from the government. However, the amount of money the Feds loan is capped by congress, so additional loans through a private bank will probably be necessary.

By taking the time to compare the student loan interest rates offered by a variety of banking institutions, a student or their benefactor can help locate the best rate available to them.

Current Student Loans News

powered by Google News
C