More Articles
 
 News Headlines
The Future Of College Financial Aid, Ac...
Published:Thu, 05 Jun 2014 16:36:47 -0700
The future of college financial aid will include experiments among colleges trying to sort out new paths to providing maximum aid to students with less federal and state funds, fo......
The Future Of College Financial Aid: An...
Published:Thu, 05 Jun 2014 16:38:20 -0700
The future of college financial aid will include experiments among colleges trying to sort out new paths to providing maximum aid to students with less federal and state funds, fo......
UE Raises $1 Million for Student Financ...
Published:Thu, 05 Jun 2014 19:24:42 -0700
The University of Evansville raises $1 million to help its students with scholarships and financial aid.......
8 signs a financial aid offer is a scam...
Published:Fri, 06 Jun 2014 10:47:00 -0700
Students applying for scholarships and other types of financial aid are being targeted by fraudsters. Here's how to protect yourself.......
What Whee need to know: FAFSA...
Published:Thu, 05 Jun 2014 10:49:29 -0700
"Do it early and follow through," these were the words of Paula Coates, the assistant director of financial aid, on Western Carolina University's campus.......
Federal Student Loans List

List of Federal Student Loans

There are several types of federal student loans that are available to help you with financing your college education.

The list of federal student loans is divided into two categories:

Subsidized federal student loans are loans that do not require you to pay interest while you are enrolled in college. The federal government pays the interest on the loan during the time you are attending school. After you graduate, your grace period is over and you must pay back your student loans with interest. Subsidized loans are based on financial need and have a tight cap on the amount you can borrow.

Unsubsidized federal student loans are loans that require that you pay interest while you are enrolled in college. Payment on the principal is deferred for six months after you graduate. Unsubsidized loans also have a cap on how much you can borrow, but it is a lot higher than the subsidized loans.

Subsidized Federal Student Loans (both past and current):

Direct Subsidized Consolidation Loans combines subsidized federal student loans into one loan.

Direct Subsidized Loans are made directly through the federal government and are not sold to outside lenders. You have flexible repayment options that you can change at anytime without paying a fee.

Federal Insured Student Loans (FISL) were issued to students and guaranteed by the Department of Education until 1984. FISLs were similar to Stafford Loans. The Department guaranteed the loans to the lender and claims requesting payment on defaults were sent to the Department.

Guaranteed Student Loans (GSL) are provided by private lending institutions but guaranteed by the federal government.

Subsidized Federal Consolidation Loans combine several subsidized federal guaranteed loans into one loan.

Subsidized Federal Stafford Loans are federally guaranteed loans based on financial need. The maximum amounts you can receive during your school year are:

Freshman: $3,500 per year

Sophomore: $4,500 per year

Junior: $5,500 per year

Senior and 5th year: $5,500 per year

Unsubsidized Federal Student Loans:

Auxiliary Loans to Assist Students (ALAS) were created in 1981 when the PLUS loans were expanded to include loans for graduate and professional students. In 1986 the ALAS loans were replaced by two programs; the Supplemental Loans for Students (SLS) and the PLUS loans for parents of undergraduate students.

Direct Unsubsidized Consolidation Loans combines unsubsidized federal student loans into one loan.

Direct Unsubsidized Loans are made directly through the federal government. Flexible payment options are provided and you can change your payment options at anytime without paying a fee.

Direct PLUS Consolidation Loans combines PLUS loans into one loan.

Direct PLUS Loans as of July 2010, the FFEL program was eliminated and all PLUS loans will be through the government Direct Loan program. These loans are available for parents borrowing for the education of their undergraduate dependent students. Grad PLUS loans are also available to graduate and professional students.

Federal Perkins Loans were previously called the National Direct Student Loans and before that the National Defense Student Loans. Perkins loans are campus-based low interest loans provided for students with exceptional financial needs.

Federal PLUS Loans provide affordable financing to parents and guardians with good credit to cover their children's undergraduate education.

Federal Supplemental Loans for Students (SLS) was a federally sponsored loan program that was eliminated in 1994. Parents and students that are ineligible for PLUS loans are now offered unsubsidized Stafford loans.

Health Education Assistance Loans (HEAL) were available from fiscal year 1978 through fiscal year 1998. Refinancing occurred between fiscal year 1994 through fiscal year 2004. These loans were made to graduate students in the heatlh and medical fields.

Health Professions Students Loans (HPSL) provides long-term, low interest rate loans to financially needy, full-time students that are pursuing degrees dentistry, optometry, pharmacy, or veterniary medicine.

Loans for Disadvantaged Students (LDS) are provided through participating schools to financially needy, full-time students from disadvantaged backgrounds. These students must be pursuing degrees in allopathic, osteopathic, podiatric, or veterinary medicine, or dentistry, optometry, or pharmacy.

National Defense Student Loans (NDSL) were provided from 1958-1964 as low interest federal loans to promising yet needy students. These loans were targeted toward students that excelled in math, engineering, a modern foreign language, or desired to teach in elementary or secondary schools. National Defense Student Loans became the National Direct Student Loans.

National Direct Student Loans (NDSL) were known as the National Defense Student Loans and are now known as the Federal Perkins Loan.

Nursing Student Loans (NSL) is a loan program authorized in 1964 and is still available today. The program was established to meet the demand for nurses. The NSL provide low interest, long-term loans to students pursuing a degree in the nursing profession.

Parent Loans for Undergraduate Students (PLUS) provides loans for Parents of dependent undergraduate students. As of July 2010, all newly approved PLUS loans will be through the governmenet Direct PLUS loan program.

Unsubsidized Federal Consolidation Loans combine unsubsidized federal loans into one unsubsidized loan.

Unsubsidized Federal Stafford Loans are federally guaranteed loans that are not based on financial need. The maximum amount you can receive during your school year are:

Freshman: $5,500 for dependent students, $9,500 for independent students.

Sophomore: $6,500 for dependent students, $10,500 for independent students.

Junior: $7,500 for dependent students, $12,500 for independent students.

Senior and 5th Year: $7,500 for dependent students, $12,500 for independent students.


© 2014 | Privacy Policy | Powered By Noomle.com | SiteMap