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Welcome to StudentFinAidInfo
Question: My FAFSA EFC is 1174..how much pell and stafford can I get?
how much pell and stafford can I get ? Im a freshman and program is 18 months.
Answer: You should contact someone. I think there may be a number on ...
You should contact someone. I think there may be a number on the FAFSA website...
Answer: The max a freshman can receive in stafford loans for the ...
The max a freshman can receive in stafford loans for the first year is 3500. For PELL is 3581, again for the academic year. These are estimates of what a full-time student would receive for one academic year, you will have to contact your financial aid office for the exact amount. They should send you an award notification. Because your program is longer then 1 year, you will most likely have to file your FAFSA again next year, to qualify for aid to finish your program.
You really should contact your financial aid office ASAP, because students not in a traditional 2 or 4 year program, often have slightly different eligibility then the traditional program, and the staff at your school is trained to deal with your particular situation. Also, they will let you know if you have to file another FAFSA next year. They can also tell you how the money will be disbursed. You will NOT be given the entire 3500 in stafford loan at one time, your financial aid office can let you know how it will be split up. Good luck
Good luck!
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: Can I consolidate my stafford loans, then a few months later reconsolidate with my perkins?
Since stafford is 6 months grace and perkins is 9 months grace, I could save a few bucks if I reconsolidate again. I also have a HPSL which has a 12 month grace period. So potentially is it legal to consolidate 3 times?
Answer: No you can't consolidate 3 times. And you might want to ...
No you can't consolidate 3 times. And you might want to check the fine print when you consolidate federal loans, because most of the time the consolidation loans have higher interest rates and worse terms (no mandatory forbearance, forgiveness and policies among other things).
You might also want to check for fees involved in consolidation. If the interest is cheaper you still don't really SAVE any money because the length of the loan is greater and you PAY more interest over the course of the loan. Banks don't loan you money if they aren't going to make money off you.
There really is no benefit to consolidation except a few dollars less a month in payments... even when I had 8 federal loans it was still one payment a month and the company (Sallie Mae) divided money up between them automatically. Don't consolidate federal loans.
Good luck.
Answer: When it comes to the financial aid process, people often ask ...
Question: If you drop out of a class but you were on Stafford loans only, would that affect?
next year eligibility for a pell grant.
I want to drop one class.
Yes it will bring me under 12 credits
Answer: no. you can drop a class with no prob. deadline is past ...
no. you can drop a class with no prob. deadline is past where im at, so make sure you are still able to do that.
but yes, it will be fine, and wont affect your status with loans and grants
Answer: No it won't, but you still owe the money for the loan.
No it won't, but you still owe the money for the loan.
Answer: If dropping the class brings you below 12 semester credit ...
If dropping the class brings you below 12 semester credit hours, it would be a problem, but otherwise, no.
Question: Wanting to get a Stafford Loan for help w/school. What are the income requirments?
I am attending NIU in the fall. I have not filled out FAFSA yet, however I will be doing so tomorrow. I finally understand that I might be able to get a Stafford loan, but need to fill out FAFSA first.
However, husband owned his own trucking buisness for 6 months last year. He made, in those 6 months, $70,000. Most of it went to semi payments, fuel, break downs, etc... We only really "saw: $20,000 of it. He finally stopped doing it and went back to being a company driver.
However, he made about $99,000 total last year, according to the W2's and stuff. We saw very little of this money but when I apply for loans, that will be looked at. They might think I do not need any money...
How is this going to affect me? I am very worried about it.
Answer: Anyone will qualify for a federal Stafford loan regardless ...
Anyone will qualify for a federal Stafford loan regardless of income.
The amount you qualify for will depend on your classification going full time you will get 7,500 a year as a freshman, 8,500 as a soph and 10,500.
Here is a good book about loans and the amounts.
Answer: When it comes to the financial aid process, people often ask ...
Answer: Hello,
In regards to your question, I would advice you to ...
Hello,
In regards to your question, I would advice you to visit Clarkson Micro Finance Incorporated.
Few months ago when I had a bad credit a friend of mine introduced me to them, Inspite of bad credit they were able to lend me a loan of 25,000, British pounds within the space of two days of which I used to revive business, I think you too can do the same as well, regardless of your nationality.You can reach them via clarksonloaninquiry@yahoo.com
Sincerely,
Victoria Dingley,
From Newcastle, England.
Answer: The federal Stafford loan does not have any income ...
The federal Stafford loan does not have any income requirements and does not require a credit check. To be eligible:
-You must have submitted a FAFSA to be eligible for a Stafford loan.
-For subsidized Stafford loans, you must have financial need as determined by your school.
-You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
-You must be enrolled or plan to enroll at least half time.
-You must be accepted for enrollment or attend a school that participates in the Federal Family Education Loan Program.
-You must not be in default on any education loan or owe a refund on an education grant.
Question: Which stafford loan lender should I choose???
my loan is subsidized, and im just entering first year of college. I'm borrwoing 3500 for this year. here are the lenders college recommend:
1. citibank: 1% origination fee and 1%default fee
0.5%interest rate reduction immediately upon entering repayment
0.25%interest rrate reduction when using ACH
zero payment for last 6 months when all payment are made on time
0.5%interest rate reduction renstated when deliquent borrower makes 24 consecutive ontime payment
2. Bank of america:
0% fees
0.5%interest rate reduction when using ACH (don't know what that is)
3. Nelnet
1% origination fee and 1% default fee
Zero payment for last five months when all payment are made ontime
Two months of payments waived when using ACH.
Which one should I choose, plz help. im waiting online, so if you need more info, just leave message and I will response immediately.
Answer: OK, first of all ACH is automatic clearing house - meaning ...
OK, first of all ACH is automatic clearing house - meaning you set up your account for automatic payments to be deducted from your checking account every month.
So, you have to decide if you're going to be able to pay EVERY month on time or not. If you think you might be late (even by 1 day) on a payment over the next 20 years, then use Bank of America or Nelnet.
Only about 18% of students eligible for the rate reduction after a certain amount of payments actually get them, since most people pay at least one month over 10 years late.
Citibank has the most money-saving benefits for you, IF you pay on time EVERY time. And I do mean ON TIME!!! You can't be even a day late with your payments or the benefit is lost.
So, if you can sign up for automatic payments and pay every single payment ontime, go with Citibank. If not, do Bank of America.
Also, if you're going to take out different loans each year, stick with the same lender. If you have multiple lenders you'll have multiple payments to different lenders, which means you'll probably consolidate and that means that all these benefits you're considering will be lost.
If you are planning to consolidate your loans (put them all into one loan payment instead of 2 or 3), then go with Bank of America, since they have no fees... better for you!!!
Hope that helps!
Answer: When it comes to the financial aid process, people often ask ...
Question: How does getting educational benefits affect a Reservist/Guardsman's ability to get Stafford Loans/Pell Grants
Answer: It doesnt Effect you at all
It doesnt Effect you at all
Question: If the studnet loan rate decreases this July 1st (2008), will that decrease my current Stafford loan rates?
I currently have first 2 years off Stafford Loans consolidated @ 4.75%, but loans from the past 2 years are at 6.8%. If rates drop in July, will that decrease 6.8% rate on unconsolidated Stafford loans?
In this case should I wait to consolidate?
Answer: No. Holders of your notes are beyond the effects of ...
No. Holders of your notes are beyond the effects of changes.
Answer: For the consolidation loans, the answer is NO. When you ...
For the consolidation loans, the answer is NO. When you consolidate, you lock in the interest rate so that it is fixed for the remaining life of the loan.
For the other two loans, it sounds like they are the new, fixed rate loans. Any Stafford loan disbursed on or after July 1, 2006 no longer has a variable interest rate. The interest rate for Stafford loans disbursed on or after that date is 6.8% fixed for the life of the loan. This means that any interest rate determinations made on July 1 of every year (which will still be calculated because there are thousands of students still repaying the old variable rate Stafford loans), does not effect your fixed interest rate loan.
Therefore, consolidating to try and lock in a low, fixed interest rate is now obsolete because the interest rate is fixed at 6.8% anyway. You are better off waiting until you have completed your college education, then consolidating into one single loan before entering repayment. They will take the average of your fixed rate loans and your existing consolidation loan to come up with the new interest rate (which will also be fixed as a result of consolidation).
Question: Stafford Loans- How much do they increase from Freshman to Sophmore years?
How much does the amount you can borrow increase, in both subsidized and unsubsidized, from Freshman to Sophmore years?
Answer: The max you can borrow per year as a dependent:
Fresh ...
The max you can borrow per year as a dependent:
Fresh 3,500
Soph 4,500
Jr 5,500
Sr 5,500
As a an independent:
Fresh 7,500
Soph 8,500
Jr 10,500
Sr 10,500
Answer: When it comes to the financial aid process, people often ask ...
Answer: The freshman dependent max is 3500 and for a sophmore it is ...
The freshman dependent max is 3500 and for a sophmore it is 4500. The additional unsub for independent students (or dep. with the PLUS denial) is $4000 both years.
Remember, to be considered a sophmore for stafford loan purposes, you must have completed 30 credit hours prior to the start of the fall 08 semester. If you attened full-time this year and only took 12 credit hours each semester, that would give you 24 and you will only be eligible for the freshman amount for 2008-2009. You may be able to take summer classes to reach your 30 if you need to.
(also sub. and unsub are not determined by your grade level, they are determined by your need. Every freshman and sophomore are not eligible for a subsidized loan)
Answer: Find out other options
http://www.orbitbusinessloans.com/
...
Find out other options
http://www.orbitbusinessloans.com/
http://www.orbitmerchantsolutions.com/
Question: ive been offered a stafford loan....?
my college financial aid office has offered me a stafford loan, what do I do next?
Answer: You should look at your finances and decide if you need a ...
You should look at your finances and decide if you need a loan. If yes, contact your school's financial aid office for instructions, or you can apply online.
Answer: It is a subsidized loan. You pay no interest during your ...
It is a subsidized loan. You pay no interest during your time at school. Repayment begins one year after your graduation. If you need the money. Contact the school financial aid office. I had several of these during college years. You have ten years to pay them back. The interest is paid while you in school by the government. It is a short term loan and it is payable to the school not the individual.
Answer: You need to look at your total cost to attend college, ...
You need to look at your total cost to attend college, tuition & fees, room & board, books, and extras and determine if you have enough without the loan to meet your costs. If you do NOT have enough, you will need to accept the loan. You may have to go online at your school's website to do this. After that, you will need to complete entrance counseling and sign a Master Promissory Note, MPN. If you school is a Direct Lending School you can go to https://dlenote.ed.gov/empn/index.jsp to sign your MPN, if your school is a FFELP lending school, you will need to get the instructions from them. Most schools have this information posted in the financial aid section of the website. Remember, you will have to pay this loan back after you leave school with interest, so only accept what you absolutely need! If you do NOT want the loan, you must let your school know you are declining the loan. Good luck!
Stafford Loans FAQ
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