Docstoc

Federal vs Private Student Loans

Document Sample
Federal vs  Private Student Loans Powered By Docstoc
					                                PLUS - The 4 types
                                of Federal Student
                                Loans




Federal vs Private Student Loans
        PayMyStudentLoans.com
                                    PayMyStudentLoans.com



Federal Versus Private Student Loans
           Federal                         Private

• Provided and guaranteed      • The government does not
  by the United States           guarantee
  Department of Education.     • Provided by banks and
• Awarded on an as needed        other financial institutions
  basis.                         to students who qualify.
• You do not need a cosigner   • A cosigner with an
  or an established credit       established credit history is
  history.                       usually required.
                                                           PayMyStudentLoans.com



Types of Federal Loans
       Direct       Available for
                                        The current
                                                              Your college       No cosigner or
                                    interest rate is 3.4
     Subsidized    undergraduate
                     students.
                                    percent (July 2012
                                                            determines the
                                                             loan amount.
                                                                                 credit check is
                                                                                    required.
       Loans                           – June 2013).




       Direct       Available for       The current
                                                              Your college       No cosigner or
                   undergraduate    interest rate is 6.8
    Unsubsidized    and graduate    percent (July 2012
                                                            determines the
                                                             loan amount.
                                                                                 credit check is
                                                                                    required.
       Loans          students.        – June 2013).




                                                                               If you do not have
                   Available for
     Direct Plus   graduate and
                                    The interest rate is
                                       fixed at 7.9
                                                              Your college
                                                            determines the
                                                                                  an established
                                                                               credit history, you
       Loans        professional
                     students.
                                         percent.            loan amount.          will need a
                                                                                    cosigner.




      Federal        Available to
                   undergraduate,                          Perkins loans are     No cosigner or
                                    The interest rate is
      Perkins       graduate and
                     professional
                                        5 percent.
                                                           provided through
                                                             your school.
                                                                                 credit check is
                                                                                    required.
       Loans          students
                                             PayMyStudentLoans.com



Learn More…
   Federal Student Loans
    ◦ http://www.paymystudentloans.com/federal-student-loans/

   Private Student Loans
    ◦ http://www.paymystudentloans.com/private-student-loans/

				
DOCUMENT INFO
Shared By:
Categories:
Tags: student, loan
Stats:
views:10
posted:11/22/2012
language:
pages:4
Description: http://www.paymystudentloans.com/private-student-loans/ Private student loans come from banks or other private lenders in order to help the borrower pay for their education. These are different than federal student loans, and you should exhaust all of your federal student loan, scholarship, and grant options before turning to a private student loan