What You Need To Know About Student Loans – Eligibility and Repayments

What You Need To Know About Student Loans – Eligibility and Repayments
  • Opening Intro -

    It is not cheap to go to college. You have to shell out thousands of dollars for tuition fees and other related expenses to get you through.

    The high cost of tertiary education makes college degree elusive to some.

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To assist students with financial difficulties, the U.S Department of Education, through the Office of Federal Student Aid, has collated all available student aid and loan programs, both offered by government and the private sector. The agency serves a one-stop-shop for student loan needs of high school graduates.

Eligibility

Since the Federal Student Aid Office only collates and facilitates all available student loan grants,the eligibilities and requirements may vary depending on the loan program. Private sector-sponsor/donor may pose different qualifications as those provided by the Federal government.

For federal government student aid, it is essential that you have already enrolled or accepted in a particular college program before applying. This means you will have to shell out the initial expenses required to enroll and get in to a program. For male applicants, you will be required to register in the Selective Service.

Social Security number is likewise essential, except for those coming from Republic of Marshall Islands, Federal States of Micronesia or Republic of Palau. You will also be required to sign certifying statements saying that you will only use the money for education purposes. On top of all these clerical requirements, the applicants must maintain good academic performance as he or she goes along.

Repayments

The Federal Student Aid Office has devised a number of ways to help you repay your loan. They can assist you select the best repayment options based on your goals, financial plans and current income. By default, there is a 10-year plan to repay your debts. They have an income-driven repayment plans available where your monthly payments will be based on your ability to pay.It will be structured based on your monthly income. Repayment estimator is also available. It will assist the grantee to check out other options available for his repayment.

They are also offering a direct loan consolidation where all your student loans will be consolidated and computed as one. This way, the grantee will only have to pay once every month for all the student loans he obtained.

The government of U.S maintains a fund of about USD150 billion dollars to assist students on their educational needs. Those who intend to go to college should utilize this opportunity for student loan. Many not are aware of this government assistance. You can help your peers get a college degree by spreading awareness and sharing these insights within your circle.There are handful of other information available in the US Department of Education- Office of Federal Student Aid website, studentloans.gov.

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Last update on 2017-10-17 / Affiliate links / Images from Amazon Product Advertising API

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