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The In’s & Outs of Federal Student Loans

The federal government offers many options for funding your education. These include grants, loans and campus-based aid. There are also additional benefits to veterans and their dependents, programs offering funds in exchange for community service and students training in certain medical fields.

The most popular and well-known student loan is the Stafford Loan. There are many types of loans available under this program. The funds for a Federal Family Education Loan come from a private lender while the Direct Loan Program is funded by the federal government. The loan amounts and eligibility rules are the same under either program but repayment differs. It is very important that all of these loans are throughly researched and understood. The difference in repayment may not seem important now but it will be after graduation. There are loans that will lend you a little more than the cost of school that can be used for living expenses. If you must, you can obtain multiple loans to cover the cost of living or housing but beware of overextending yourself upon graduation. Making some interest payments throughout your education can help reduce the eventual payments. Most loans will allow you to capitalize the interest (added to the principal of your loan) but it will increase the amount you have to repay. Hopefully, with a combination of grants and scholarships you can subsidize your education without loans but most people need additional help. Student loans can be a great thing but spend the time to research lenders and programs available to you.

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