Applying for a federal student loan begins with filling out the Free Application for Federal Student Aid (FAFSA)

Applying for a federal student loan begins with filling out the Free Application for Federal Student Aid (FAFSA)

  • More flexible payment plans and loan deferments or other ways look at here of postponing loan payments are available
  • Some jobs offer forgiveness for part of your loan
  • There are no penalties for prepaying on the loan

This is financial information that will help your college determine your financial need, so they can offer various forms of assistance ranging from federal grants or scholarships to student loans.

Direct subsidized loans. These loans are given to undergraduate students who demonstrate clear financial need to help them cover the costs of their education. The need ily, being dependent on a single parent with low income, or other financial issues.

Undergraduate students with direct subsidized loans can borrow as much as $5,500 to $12,500 per year, depending on what year they are in school and their dependency status. With direct subsidized loans, the U.S. department of pays the interest while you’re enrolled in school at least half-time, during the six-month grace period after graduation, and during any deferment periods. Direct unsubsidized loans. These can go to undergraduate, graduate, and professional students. Eligibility is not based on financial need.

Graduate and professional students can borrow up to $20,500 per year. Undergraduate students can borrow up to $12,500 per year. Unlike subsidized loans, direct unsubsidized loans start accruing interest immediately and will continue to accrue while you are in school, during the grace period, and during any deferment or forbearance periods. Direct PLUS loans. Graduate and professional students are qualified for these loans, along with parents of undergraduate students. Fortsett å lese «Applying for a federal student loan begins with filling out the Free Application for Federal Student Aid (FAFSA)»