Financing and Student Loan Questions and Answers FAQ's Q&A's
a student loan?
loan originated by the government or a private bank for educational
a Stafford loan?
loans are low-interest Federal loans at 3.46% during in school, grace
and deferment periods.
a Parent PLUS loan?
"PLUS" means Parents
Loan for Undergraduate Students.
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A FAFSA Loan?
student loan providers. FAFSA- (FREE Application for Federal Student
Aid. Students must complete and submit the
Free Application for Federal Student Aid (FAFSA) to the U.S.
Department of Education annually.
a Perkins loan?
Perkins loan is a federal loan with a low interest rate.
an unsubsidized loan?
A loan on which the student is
responsible for paying the interest that accrues on the loan from the
date of disbursement until the loan is paid in full, regardless of
enrollment or deferment status.
What is a college grant?
form of financial aid that does not need to be repaid. A good deal of
college grants are given out through federal or state governments.
use a portion of my student loan for off-campus housing?
Yes. you can
use your student loans for all school attendants factors related to
can I consolidate my student loan?
can consolidate now, but many of the lenders that are taking
applications will not process the loan until July 1, so borrowers can
lock in the lowered rates. The new rates will remain in effect until
July 1. Consolidating can take 30 to 60 days; therefore, it may
be best to start by April 30. For those struggling with
payments, extending your payments up to 30 years can reduce your
monthly payments. Consolidating as soon as possible can save you from
have private loans, can I consolidate them?
Private loans are not government backed. Rates on them fluctuate with
the market and are usually higher than the government’s rates.
should I select a loan consolidator?
sure you have good choices. If all your loans are with the same
lender, and it offers loan consolidation, you must go with that
lender. If you have loans with more than one, you can consolidate with