Frequently Asked Question(s)
Q:What are the requirements of cosigners for the Federally Funded Student Loans?
A:The Federally Funded Student Loans have defined requirements for a cosigner. It is essential to have a cosigner with good credit worthiness in order to be able to get approved for financial assistance. If you wish to not add a cosigner with the program, then you need to demonstrate an exceptionally healthy FICO credit score.
Q:Are federal student college loans a better option than private loans?
A:Federal loans have plenty of desirable features like low rate of interest and relaxed repayment options. So, yes, federal loans should always be preferred as compared to private student loans. All you have to do to apply for federal student loans is to fill out the FAFSA form and submit it before the deadlines.
Q:How can I ensure I receive Federal College Loans for students?
A:The most sure shot way of getting federal funding for college is to fill in your FAFSA form on time with the required documentation –doing this on time is extremely important. Another thing that plays a vital role in ensuring federal funding for higher education is to demonstrate financial need and complete other requirements that vary from school to school and course to course.
Q:What are the various types of Federal College Loans?
A:Federal college loans for students are offered by the government on discounted interest rate, which is why they are most popular amongst student. They are easy to pay off and even easier to access. Some of the most note worthy are : Stafford Loan, Perkins Loan, PLUS Loan and Graduate PLUS Loans.
Q:How many types of Federal College Loans are there?
A:There are generally four types of federal college loans for students. These include the Stafford Loan, Perkins Loan, the PLUS Loan and the Graduate PLUS Loans. The eligibility, rate of interest, cover as well as repayment options in these programs vary. To apply for these loans, students need to complete the Free Application for Federal Student Aid (FAFSA).