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Student Loans

Federal Student Loans

Please note that with the passage of the Student Aid and Fiscal Responsibility Act, all new federal student loans and federal student loan consolidations will now be provided to borrowers directly by the U.S. Department of Education, effective July 1, 2010. If you’re looking to apply for a Stafford or PLUS loan, please contact the Department of Education at 800.433.3243 or visit their Student Aid on the Web information center. You may want to contact your school Financial Aid Office for additional guidance.

Stafford Loans

There are two types of Stafford loans: subsidized and unsubsidized. You must qualify for financial aid to receive a Subsidized Stafford loan. The government pays the interest while you′re in school and for six months afterward. Anyone can qualify for an Unsubsidized Stafford loan. Unlike a Subsidized Stafford loan, the government does not pay interest while you′re in school, but you can defer interest payments until after college.

  • Subsidized Stafford Loan
    As either a dependent or independent student, you may qualify for this need-based, low-interest loan. The government pays the interest on the Subsidized Stafford loan as long as the student is enrolled in school on at least a half-time basis. Repayment begins following a 6-month grace period after leaving school.

  • Unsubsidized Stafford Loan
    Unsubsidized Stafford loans are non-need-based loans that are made available to both dependent and independent students. Interest is accrued on these loans from the time they are disbursed. Unpaid interest will be capitalized at the start of repayment and at the end of a deferment. Repayment begins following a 6-month grace period after leaving school.

PLUS Loans

The PLUS Loan (formerly called the “Parent PLUS Loan”) is for credit-worthy parents of dependent students. It is the parent′s responsibility to repay the loan. Parents can borrow up to the cost of the education, minus any financial aid the student is eligible to receive. A PLUS Loan is a loan made to the parents and does require a credit check.

If you’re looking to apply for a Stafford or PLUS loan, please contact the Department of Education at 800.433.3243 or visit their Student Aid on the Web information center. You may want to contact your school Financial Aid Office for additional guidance.

Interested in learning about scholarships and grants? Click here for more information.
Interested in learning about the Smart Option Student Loan® by Sallie Mae? Click here for more information.

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