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Student Federal Loans

Theresa Said:

How many kinds of federal student loans are there?

We Answered:

That's it for the federal loans.

To apply, you should start the federal loan process now by filling out your FAFSA. This is a government process that reviews your financial information and decides how much federal money you're eligible for. While you're doing that, start looking around and applying for scholarships, and saving as much money as you can.

After you know how much money you're eligible for via FAFSA, contact your school's financial aid office and see what private student loans they recommend.

Here's some resources for you:

Financial Aid Calendar http://www.salliemae.com/before_college/…
FAFSA: www.fafsa.ed.gov
free scholarship search: http://www.collegeanswer.com
federal student loans http://www.salliemae.com/get_student_loa…

Leo Said:

Do I accept private student loans after I am approved just like I did with my federal loans?

We Answered:

scholarships.onlinewebshop.net - it provides some tips about applying to US federal and state grants for college students.

Sara Said:

What are the differences between federal student loans and loans you get from a bank?

We Answered:

I used to be a student loan specialist. It is ashame that college students are not educated about this. They only realized the difference till their loans are in default. Trust me it is very difficult to get these loans out of default.

Here is the difference between the two.

Federal Student Loans are backed by the government. With that being said follows different regulations then private loans. Interest rates, as well as certain rights as it relates to forbearance and deferment. No one can force you to pay on your federal student loans, if you do not have a job or means of income. You have a right to forbearance and deferment. same applies to PLUS Parent Loan for Undergraduate Students, this is a federal loan as well. Every federal loan comes as a result of FAFSA. These loans are very easy to consolidate verses private loans.

As for private loans, this doesn't come as a result of FAFSA. This comes as a result of your inituitive to meet the complete cost of college. These loans do have forbearance and deferrment rights. Their rights are not the same as if you had a federal loan. Some private loan companies, may require you to pay a fee for deferment, and might limit the amout of times you can request deferment before paying the balance owed. There are penalties associated with private loans. These loans are harder to consolidate than federal loans.

The difference between a federal loan offered to a student versus a federal loan offered to a parent of a student is liability. A federal loan offered to a student is under that student's name, hence the student's responsibility to pay for it. As for a federal loan offered to a parent of a student it is the parent total responsibility to pay back the loan, rather than the student.

Chester Said:

If school tuition was paid for through Federal Student Loans can you still get the hope credit on taxes?

We Answered:

Yes they can be used since you have to pay those back. That is why they are treated differently.

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