Federal_Family_Education_Loan_Program

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					Title:
Federal Family Education Loan Program

Word Count:
415

Summary:
Students are offered a long-term loan that allows them to continue their studies without paying for their
expenses till they complete their school



Keywords:
loans, mortgages, finance, credit cards



Article Body:
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 to receive both types of loans at the same time...For undergraduate loans The Federal Parent Loan for
student
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 from private banks are very helpful to fulfill the student’s needs completely. The private
loans. These
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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posted:5/18/2012
language:English
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Description: Education articles