StudentFinAidInfo - Federal Student Loans, FAFSA

Financial Aid FAQ

Resources

Welcome to StudentFinAidInfo

Question: Can I get a federal student loan for medical school already having a private loan for undergrad?
Can you still get federal aid for graduate school even though you didn't use it for undergrad ( instead you took a private loan), and are making payments on your private loan? Thank you for your help!

Answer: It all depends on the school that you are planning on ...

It all depends on the school that you are planning on attending and if you can apply for Federal Financial Aid through that school. If so, then you should be able too. The only reason your private loan would affect your application for Federal Aid would be if you were in default on that loan. Otherwise, you should be fine assuming you (or your spouse) don't make a lot of money.

Answer: When it comes to the Financial Aid process, people often ask ...

When it comes to the Financial Aid process, people often ask "Where do I begin?" We're here to help and guide you throughout this process. This page outlines the steps to applying for a Stafford Loan. Basic Stafford Loan Requirements are, You must have submitted a FAFSA. For subsidized Stafford Loans, you must have financial need as determined by your schoolbe sure to include the school's FAFSA code (or prospective schools, if you are a high school student) to ensure that the results are sent to your school's Financial Aid office. When it comes to the Financial Aid process, people often ask "Where do I begin?" We're here to help and guide you throughout this process. This page outlines the steps to applying for a Stafford Loan. Basic Stafford Loan Requirements are, You must have submitted a FAFSA. For subsidized Stafford Loans, you must have financial need as determined by your schoolbe sure to include the school's FAFSA code (or prospective schools, if you are a high school student) to ensure that the results are sent to your school's Financial Aid office.

Answer: Yes, both the federal Stafford and GradPlus loans are ...

Yes, both the federal Stafford and GradPlus loans are available to medical students. Both have low, fixed interest rates. Your private student loan should not affect your eligibility for either loan.

Question: Federal Stafford Loan: What is "interest rate reduction for auto-debit"?
Should interest rate reduction for auto-debit be high or low? What does it affect?

Answer: OK - You might think this is a simple question... The ...

OK - You might think this is a simple question... The Federal Stafford Loan (www.StaffordLoan.com) currently has a fixed rate of 6.8%. The rates will be changing each July for the next 4 years, see: http://www.staffordloan.com/stafford-loan-info/interest-rates.php Regardless - you get the rate you get as it is set by the US government. Lenders who participate in the Stafford loan Program will give you that rate across the board. To differentiate themselves, they offer some discounts on the back-end - after the loan has been funded or after you start repayment. One discount is the IRR (Interest Rate Reduction). If you sign up for auto debit (auto-pay) from your checking account, as long as you keep that set up, the lender will lower your interest rate by the amount specified. So - The higher the Reduction, the better it is for you. It won't affect your monthly payment, but it will allow you to pay your loan back earlier as you will be making fewer interest payments over the life of your loan.

Answer: Guru is correct. The most common amount is .25%.

Guru is correct. The most common amount is .25%.

Question: Federal student loans?
I am getting out of college soon with a degree in education and I am happy. The only problem other than getting a job is the darn student loans (45,000) worth hanging over poor head. I don't know how to pay it off as I have no job now but substitute teaching, which pays poorly with no benefits. I know that after 6 months I will have to pay out, but don't have the funds. Other than Peace Corps( I dont want to leave the country to get help paying for the loan) or just ignoring the lenders what choice do I have? Ps. I don't know how long it will be before I get that great job to help pay in this financial climate.

Answer: You can set up payments plans even if you only send them $50 ...

You can set up payments plans even if you only send them $50 a month they can't say much because atleast you are making an attempt to pay them.

Answer: Maybe this resources is useful for you,Have a look,it is ...

Maybe this resources is useful for you,Have a look,it is free.Good luck for you.http://studentloan.online-helpers.info/college-loan-parent-student.html

Question: Consolidating my federal student loans - looking for a fair rate. Help please.?
I currently have 8 federal student loans open through AES. I have been very good at making payments on time, however I realized that many of peers have consolidated these loans. I believe the federal interest rate is around 6.85% fixed. Most loans are higher than that. I am carrying about $29,000 in federal loan debt.
GATE 03': 8.02%
STAFFORD 04': 7.22%
GATE 04': 8.02%
GATE 05': 8.02%
STAFFORD 05': 7.22%
STAFFORD 06': 6.80%
GATE 06': 8.02%
I also noticed that current balance on about half loans is higher than original balance, meaning I have been set up to not even cover just interrest accrued. Anyways, I am looking for a fair interest rate to consolidate these loans and equally a reputable company. Are there any things I should be cautious with in deciding to consolidate? Should I wait for the federal rate to go down? Any recommendations of solid loan consolidators would be appreciated. Thank you.

Answer: First of all you have to choose the right organisation, who ...

First of all you have to choose the right organisation, who will really help you to overcome this problem. Try someone who is BBB registered. Before choosing one go through articles where you will get good or bad about consolidating company. Though all are not bad but you have to be a little careful. Moreover try to save little each month to get out of the debt. http://www.studenthut.blogspot.com

Answer: If you consolidate, the interest rate will be the average of ...

If you consolidate, the interest rate will be the average of all your rates, +1/8%. So you'd be looking at roughly a 7.6% fixed rate. The terms for deferment and forbearance remain the same as the Stafford loan. Also you can take up to 25 years to pay a consolidation loan. So if you think that interest rate is attractive, then start researching lenders to see who offers the best incentive package. Many offer things such as interest rate reductions for on-time and electronic payments. This only applies to Federal Student loans, you cannot consolidate private and Federal loans.

Answer: There are literally thousands of lending sites in the ...

There are literally thousands of lending sites in the internet that your are bound to find thats willing to "work" with your situation... what I suggest is that you make a short list of what you like in your student loan.. then check the websites in the internet and contact the ones that seems promising... tell them about your situation and what youre "preferred loan" as to speak... do a search in google or yahoo... also if you dont mind me adding, you can also try to visit website below, it has a gud list of lending sites... and student loan advice you should read before getting one...

Question: What are the differences between federal student loans and loans you get from a bank?
Is there any difference, also is there a difference between a federal loan offered to a student versus a federal loan offered to a parent of a student?

Answer: Here is a complete breakdown of the ...

Here is a complete breakdown of the differences: http://www.businessweek.com/magazine/content/05_46/b3959126.htm

Answer: There are two sources for student loans -- the federal ...

There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In mostyou can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.

Answer: there are two main types of student loans- govt is ...

there are two main types of student loans- govt is involved govt is not involved. the difference is that any time the govt is involved you get a better rate and better conditions. you can get a loan from a bank like studentloan.citibank.com chacestudentloans.com but you want to get the loan that is insured by the govt to get the best rates and the best terms. this applies to loans that a parent has to choose from as well.

Answer: There is no absolutely answer for your ...

There is no absolutely answer for your question.However,explorer the information here will give you some ideas.HOpe it helps.http://studentloan.online-helpers.info/alternative-consolidation-loan-student.html

Answer: I used to be a student loan specialist. It is ashame that ...

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.

Question: can a student loan company garnish federal income tax without having a judgement against myself?

Answer: if it was a felp loan. where the government guarantees the ...

if it was a felp loan. where the government guarantees the loan. yes, they can. I am not sure how that works if it was a private loan, I think they'd have to put it on your credit report

Answer: The student loan company can do a federal tax refund offset ...

The student loan company can do a federal tax refund offset if your loan goes into default - they supposedly have every right to do that. But that, along with a wage garnishment, only happens if the loan goes into default.

Answer: Hello dear, I saw your ad and decided to help you as I ...

Hello dear, I saw your ad and decided to help you as I have had hard time before just like you.I'm Theressa Maxwell, About 9 months ago I was doing great until daughter started going a very bad divorce. She had to take herself and 2 granddaughters into hiding to be kept. They had no money so I paid for it. Then when she arrived back she was having numerous death threats, which the police department has taken care of for now. So I paid things for her to keep her from losing her daughters. Then she was unable to pay her car payment, its car now and also son decided that he could not pay his truck payment which both viehcles are in name. Then I loaned a man some money and he wrote bad checks to cover what he owed me, which has put me deeper in financial situations.The Country Prosecuting Attorney is after him for the money. I was told that I would be lucky to get the money back to make other plans. But I could wait no longer that I have to look for a private lender anywhere else as the bank could not help situations too. I met this truthful, God fearing and kind Man, Mr.Arnold marvis of Arnold Loan Affairs Incorporated via email(arnoldlnaffairs9@yahoo.com) as regards to an ad that I saw on yahoo Q/A who was a God sent to rescue situation with a loan of $ 90,000 USD which brought me back to feet.I have decided to tell his Goodness to me and advice people in formal shoe's to contact them. He can do it for you too. Wish you goodluck. But one more thing,in case you want to contact any other firm,please be careful as most of them are scam artist and have scam me before.

Answer: Your question could not be answered in one word.find useful ...

Your question could not be answered in one word.find useful tips here.http://studentloan.online-helpers.info/best-consolidate-loan-student.html

Question: Will I recieve federal grants and loans if I'm an independent student (24 yrs and older)?
Hi, I am considered an independent student on 2008-2009 FAFSA which I filled out last week, I'm guessing this is because I will be turning 24 this June. Will I still be able to recieve federal Grants and student loans? What is effected, if I'm considered an independent student now? Thank you!

Answer: as long as you are an under-graduate and are enrolled full ...

as long as you are an under-graduate and are enrolled full time.

Answer: Its the same as for younger students, but you dont have to ...

Its the same as for younger students, but you dont have to use your parents status and income for the paperwork. This could be a good thing, or not.

Answer: There are two sources for student loans -- the federal ...

Answer: yes you will, depending on your income.

yes you will, depending on your income.

Answer: The grants will depend on your Expected Family Contribution ...

The grants will depend on your Expected Family Contribution (EFC). Yes you will still be able to get student loans. Yearly loan limits are higher for an Independent student than they are for a Dependent student.

Question: Federal Stafford Loan Master Promissory Note?
I got the Federal Stafford Loan Master Promissory Note in the mail and was wondering if I signed it an wrote down a specific school as the school name, does it mean that I have to attend that school, or the Stafford loan will only go to that school? I got a Federal Stafford Loan Master Promissory Nolte for Temple university but I got accepted to Rutgers University and most like is going there, will there be another Federal Stafford Master Promissory Nolte for Rutgers sent through mail to me?

Answer: Stafford contacts the school that you put down to find out ...

Stafford contacts the school that you put down to find out what you might still need for loan money. I all ready got loans through school and then asked Stafford for $8,000 I think and because of the others they only gave me $2500. So, yes you need to go to the school you wrote down because they send the money to you through the school.

Question: What happens if I decide to repay my Federal Direct Student Loan early?

Answer: If you pay all of it, then you don't have to pay ...

If you pay all of it, then you don't have to pay interest, if you only some of it, then you pay less interest

Answer: Yeah, you'll save yourself the interest on it. Fed ...

Yeah, you'll save yourself the interest on it. Fed direct loans also don't have a prepayment penalty, I don't think, though you should look into that. Consider, however, what your interest rate is.....I have two sets of loans, one with a set rate of 6.65% and one with a rate of 2.85%. I'd pay off the 6.65% if I had the funds, but even if I won the lottery tomorrow I wouldn't pay off the ones at 2.85% because you can make a lot more by investing it. A lot of online banks will give you a 4-5% return on your deposits, so it makes more sense to take the money you'd use to pay off the loan and just deposit it (or even buy low-risk bonds, etc., if they have a higher return than your interest rate) because that will be more beneficial for you in the long run.

Answer: You will save some interest. Which is nice. But the ...

You will save some interest. Which is nice. But the interest rates on these loans are modest, and if you have credit card debt, pay it off first: credit card interest rates are NOT modest.