Federal Student Loans

Federal student loans are offered by the Department of Education and require you to fill out the Free Application for Federal Student Aid (FAFSA) to determine eligibility. Federal student loans should always be considered before borrowing private student loans due to lower rates and friendlier repayment benefits, such as income-driven repayment plans and forgiveness programs. 

Check out this video to learn about federal grants, loans, and work-study jobs and how they can help fund your education https://studentaid.gov/understand-aid/types 

Private student loans are offered by banks, credit unions, and online lenders. These loans typically allow you to borrow up to the total cost of attendance. Unlike federal student loans, you can’t fill out one application to determine your eligibility for all private student loans. Each lender sets its own eligibility requirements, typically including income and credit minimums. Whether you borrow from the government or a private lender, always understand if your after-graduation budget will allow you to pay back your student loans before deciding to use them for your education. 

No comments

Theme images by rusm. Powered by Blogger.