department of educa

The cost of a college education in the United States continues to climb. As a result more and more students are turning to student loans to help pay for their education. These loans usually have lower interest rates than other traditional ones. These types also don't require things like collateral or credit history checks.
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department of educa

Any college or vocational school that accepts federal aid also accepts government student loans. The programs are administered by the U.S. Department of Education through the departments Federal Family Education Loan Programs and the Federal Direct Student Loan Program.

There are several different types of loans available to students. The most common of them are the Stafford Loans. These loans are used to help supplement any college costs that the student or their family can't meet. Resources they include when determining the amount of aid that will be awarded is any scholarships, grants or work-study programs the student has received. They also carefully look at the family's income.

A student that applies for a Stafford Loan must demonstrate a true need for it. Generally, families that have an adjusted gross income (AGI) of over $100,000 have a difficult time in getting one of these loans. Over 2/3 of these loans are made to students from families with an AGI of less than $50,000.
These also have limits with the highest a student can receive being $5,500 a year. Some students may also qualify for an additional $2,000 a year if they demonstrate enough need. Graduate students can qualify for larger loans since graduate is more expensive than other college degree programs. These students may also look to getting a Perkins Loan which can give them up $6,000 in additional college funds.

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