Federal Family Education Loan Program

Federal Family Education Loan Program



Federal Family Education Loan Program
Students are offered a​ long-term loan that allows them to​ continue their studies without paying for their expenses till they complete their school .​
Such loans are called Federal Family Education Loan Program .​
After six months of​ completion of​ course or​ withdrawal from the​ degree program,​ the​ repayment begins.
DigiPen,​ which participates in​ the​ Stafford Loan Program,​ is​ the​ most common loans and mostly meant for undergraduate students .​
Subsidized loans and unsubsidized loans are the​ two types of​ loans,​ which are offered to​ students .​
In the​ subsidized loans,​ the​ government pays the​ interest while the​ student is​ in​ college .​
In the​ unsubsidized loans,​ the​ student is​ responsible for paying all the​ interest on​ the​ loans,​ during and after college .​
An origination fee of​ 3% for both the​ Stafford loans is​ charged by the​ U.S .​
Department of​ Education and the​ loan guarantor .​
One should be enrolled at​ least as​ a​ half-time student,​ to​ receive loan funds .​
It is​ possible for a​ student to​ receive both types of​ loans at​ the​ same time.
For undergraduate loans the​ Federal Parent Loan for Undergraduate Students is​ available .​
The parents can borrow the​ entire cost of​ the​ education .​
Any other aid that the​ student receives will be deducted from the​ total cost .​
This loan is​ not based on​ the​ assets of​ the​ family .​
9% interest is​ charged .​
This is​ liable to​ change according to​ the​ school or​ the​ lender .​
a​ credit report is​ essential to​ acquire this loan .​
Bank of​ America : Stafford ,​ bank of​ America PLUS,​ college loan : Stafford,​ college loan : PLUS,​ Citibank : Stafford,​ Citibank : PLUS,​ Wadhovia Education Finance : Stafford,​ Wadhovia Education Finance : PLUS are some of​ the​ lenders who are in​ association with the​ DigiPen .​
The student should apply for financial aid and should have a​ complete file in​ the​ Financial Aid Office .​
a​ loan entrance counseling session has to​ be undergone by the​ student at​ the​ end of​ which the​ student needs to​ take a​ test .​
On completion of​ the​ test positively the​ office should be given a​ notice .​
a​ promissory note will be mailed after the​ loan is​ certified .​
Private bank loans are other financial aid options .​
They are alternative loans .​
These loans from private banks are very helpful to​ fulfill the​ student’s needs completely .​
The private loans have high interest rates .​
It is​ entirely based on​ credit reports .​
Many commercial lenders and colleges offer private loans .​
Bank of​ America,​ Key bank,​ Wadhovia Education Finance and Student Loan Express are some of​ the​ lenders with whom DigiPen works.




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