step1: getting qualified
  step2: submit forms
  step3: process SAR
  step4: get award letter
  step5: federal grants
  step5b: work study
  step5c: scholarships
  step5d: federal loans
  step5e: private loans
  step5f: state programs
  step5g: military service
  step5h: other aid
  step6: manage funds
 
Hit "Apply Now" to apply for Stafford, PLUS, Private, Home Equity and Scholarships.

Financial Aid Notes


Aid Step 5d: About Federal Loans

Perkins Loans:

Low-interest (5% percent) federal loans awarded to undergraduate and graduate students with exceptional financial need.

You can borrow up to $5,500 for each year of undergraduate study; $8,000 for each year of graduate or professional study.

The total amount you can borrow as an undergraduate is $27,500 after you complete two years of undergraduate study; $60,000 for graduate and professional.

The loan does not charge origination fees. Your school becomes the lender using funds shared by the federal government. You must repay this loan to your school.

For more information:
www.ed.gov/prog_info/.../perkins.html



FFELP (Federal Family Education Loan Program):

The most common form of self-help aid. These are loans made to students (Stafford loans) and parents and graduates (PLUS loans) from banks, credit unions and other lenders that participate in the FFELP program.

These loans are insured by the federal government that allow lenders to lend money at lower-than-normal rates. Most schools participate in FFELP.

More information available:
Stafford Loans | Grad PLUS Loans | Parent PLUS



FDSLP (Federal Direct Student Loan Program):

Exactly like the FFELP program above, except the loans are funded through the schools by the federal government directly (not by the banks).

Some schools participate in FDSLP. You need to check with your school's financial aid office to determine whether they participate in FDSLP or FFELP.

More information available:
Stafford Loans | Grad PLUS Loans | Parent PLUS

 

download the US Department of Education Student Aid Booklet for more detailed information about federal loans

 

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