Federal Stafford Loans are designed to enable students from all backgrounds access to low interest student loans in order to pursue their post secondary education.
Types of Stafford Loans: All Stafford Loans originating prior to June 30, 2006 have a variable interest rate adjusted annually and capped at 8.25%.
Both options may help reduce monthly payments through interest reductions (Private) or by utilizing Federal Income Based Repayment plans (Federal).
However you should keep in mind that if you Consolidate Federal loans into a Private loan, you will be loosing significant payment flexibility and forgiveness options that are not available through Private lending institutions.
Finally, if you have a solid job and a solid credit score, think about looking into a personal loan at a bank or credit union.
You might not be able to score a deal for the entire amount, but if you can get a fixed-rate personal loan to pay off some of the variable-rate student loan debt, that will offer you more stability.
Features of the Stafford Loan: Stafford Loans are government guaranteed student loans offered to qualifying students currently enrolled in an accredited college or university.
These loans are made available through the Federal Direct Student Loan Program or through a private lender that participates in the Federal Family Education Loan Program (FFEL).
Basic eligibility requirements for the Stafford Loan include: You must complete a FAFSA to qualify for any type of Stafford Loan.
Students are notified if they are approved for need-based subsidized Stafford Loan funds.
Government regulation makes these loans safe as well as dependable and help to give students from all walks of life the opportunity to realize their potential by attending college of university.
I have a good job, but I have more than 0,000 in college loans from different banks coming due in two months. A: First, check to see if you have any federal loans, like Staffords.
Special Direct Consolidation Loans are designed to help borrowers manage their debt by placing all of their loans with one lender and reducing their payments to one manageable monthly bill.