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Student loans are only part of the available funds for attending college. Scholarships may be sponsored by the school or by private agencies or individuals.
Grants also may be school or private. The best known, such as the Pell Grant or the Federal Supplemental Educational Opportunity Grant (FSEOG), are government sponsored.
Who can offer me a federal student loan?
Like these programs, federal student loans can be offered by the government or financial institutions. The government offers several federal student loan programs.
They are the Federal Family Education Loan (FFEL), William D. Ford Federal Direct (Direct) Loan and Perkins/Nursing Student Loan Programs, in which funds are loaned directly to the student, and PLUS loans where the parent of the student is the borrower.
Federal Stafford loans are fixed-rate federal student loans for undergraduate and graduate students attending college at least half-time. Stafford loans are the most common and one of the lowest-cost ways to pay for school.
After graduation, be sure to remember your federal student loans. Think about your repayment options and consider student loan consolidation.
When you consolidate your Stafford loans, you are locking in today’s low rates and combining multiple payments into one lower monthly payment. Teachers and some other professionals may qualify for loan forgiveness programs.
Where does federal student loan come from?
The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999.
Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the case of a university, that university) or FFELP lender (e.g., a third party bank).
Student loan consolidation combines several of the students or parents loans into a single bigger loan which then has its interest rates paid to a single lender instead of several small lenders. This is used to pay off the balance on the other loans.
In all its simplicity it’s very similar to refinancing a mortgage in a house and so on. Student loan consolidation is available for most federal loans, including FFELP, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some of these lenders also offer private student loan consolidation for private education loans, but please refer to the individual since it’s not something everyone does.
Both student and parent borrowers can take advantage of a student loan consolidation. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can still choose to consolidate their loans separately.
Married students used to be able to do their student loan consolidations together, but this provision was repealed effective July 1, 2006. When married students consolidated their loans together, each spouse became responsible for the full amount of the loan, and the loans could not be separated if the couple got divorced. To avoid such problems in the future, Congress decided to repeal this provision as part of the Higher Education Reconciliation Act of 2005.
Special rules regarding student loan consolidation
Students can only consolidate their education loans during the grace period or after the loans enter repayment. (Loans that are in default but with satisfactory repayment arrangements may also be consolidated.) Students can no longer consolidate while they are still in school. (The early repayment status loophole and the ability of Direct Loan borrowers to consolidate during the in-school period were repealed as part of the Higher Education Reconciliation Act of 2005, effective July 1, 2006.)
Parents, however, can consolidate PLUS loans at any time.
Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.
Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans.
While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check.
There is never an up front fee. If someone wants you to pay an up front fee, chances are that it is an example of an advance fee loan scam.
The interest rates for federal student loan consolidations are based on the weighted average of student loan interest rates. All Federal Stafford loans disbursed between July 1, 2006 and June 30, 2008 have an interest rate of 6.8%*.
Subsidized Stafford loans disbursed between July 1, 2008 and July 1, 2009 have a rate of 6.0%, and Subsidized Stafford loans disbursed after July 1, 2009 have a rate of 5.6%. Currently, Unsubsidized Stafford loans remain at 6.8%.
Federal student loans will have different rates depending on type and disbursement dates. For example, rates for Stafford loan disbursed before July 1, 2006 will remain variable until consolidated.
Interest rates on Federal Stafford Subsidized and Unsubsidized Loans change yearly but will never exceed 8.25%. Compare the best Private Student Loans and review rates at PrivateStudentLoans.com.
To obtain a complete list of the federal student loans that can be consolidated
Contact the Direct Loan Origination Center’s Consolidation Department if you’re applying for a Direct Consolidation Loan.
Contact a participating FFEL lender if you’re applying for a FFEL Consolidation Loan. If you do not know who your FFEL lender is you can find out via the internet.
Students often have too few financial resources when trying to get an education going along with paying the rent and having food enough etc. And no one wants to get stuck with a student loan debt.
The first thing you want to take a look at when trying to avoid student loan debt is the interest rates. If they are too high you will most likely end up with owing more cash than your earning.
If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between.
Don’t be fooled with your student loan debt if someone tries to suggest that this will save you money by getting you a lower interest rate.
The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.
Once you’ve graduated you have to start paying back the dreaded student loan debt.
There are many ways to reduce to your debt load; the most common among them is to consolidate the loans or simply to refinance the loans.
In regard to student loan consolidation, there are 2 major benefits to be gained from using this method.
The bigger of the 2 benefits is that it will reduce the interest rates, and therefore monthly payments and overall debt. Interest rates are near record lows now, so chances are you’ll get a better rate now than when you first got your loan.
The second advantage is reducing the number of creditors. This makes it easier to keep track of your payments. More importantly, it means you only have to deal with one creditor if you’re late with a payment or need to renegotiate your loan for some reason.
The Student Loans Company (SLC) is a UK organization established to provide financial services, in terms of loans and grants, to over one million students annually, in colleges and universities across the four education systems of England, Northern Ireland, Scotland and Wales.
The Student Loans Company administers loans which are funded by the government to students throughout the Unite Kingdom. The Student Loans Company are in a partnership with Local Authorities in England and Wales, in Scotland a partnership with the Student Awards Agency and in Ireland the Education and Library boards thus giving them a responsible look.
The primary role of Student Loans Company is to deliver support financial, to eligible students who are in the pursuit of a higher education.
To pay various institutions of higher education the public contribution towards tuition fees around England, Wales and Northern Ireland.
To supply the information which may be needed in order to ensure that loans gets repaid in time and collected at their full amounts.
And finally, to manage the direct collection of repayments for loans granted under the former Mortgage Style Loan Scheme
The financial help a new full-time student can get depends on the course, where they live while they are studying, and their individual circumstances.
Customers can find details on how to apply for financial support, maintain their account and repay any loan(s), by accessing their appropriate domicile website.
For the majority of students, a loan will comprise of the tuition fee loan plus a maintenance loan, and this will be paid directly at the start of each academic term. Everyone on an eligible course qualifies for 75% of the maximum loan, regardless of income, and the rest is income-assessed. These loans accrue interest at the rate of inflation, which means that the amount repaid has the same value as the amount borrowed.
The repayment of loans is repaid through the tax system, and only begins after the student has left higher education and is earning over £15,000. This system of collection is known as Income-Contingent Repayment (ICR), because it tapers the repayment obligation according to the gross income of the account holder.
