Department Of Education

The Secret To US Department of Education Loans

If you have heard about any kind of Federal financial aid for students, you are already familiar with US Department of Education loans. The US Department of Education handles all government aid for defraying the cost of attending college in America, from grants to loans. The first thing that you will need to do to apply for US Department of Education loans is to fill out a FAFSA, or Free Application for Federal Student Aid form. Any difference is the amount of money eligible for student aid.

Qualifying for US Department of Education Loans
US Department of Education loans have specific qualifications that an applicant must meet to be eligible. Furthermore, applicants for US Department of Education loans must be in good financial, academic, and legal standing. Types of US Department of Education Loans

There are three main possibilities when considering US Department of Education loans: grants, which are monetary gifts, student loans, and work-study programs where the money for education is earned. Only in the case of student loans
does the money need to be repaid. Work-Study programs are not technically US Department of Education loans, but they are a federally mandated way to
receive financial aid to attend college. The money earned can be used for college tuition. True US Department of Education loans include the Perkins Loan, the Stafford Loan, and the PLUS loan for parents.

There are a limited number of Perkins Loans available to each school every year. The Stafford Loan has a higher interest rate than the Perkins loan, and doesn't necessarily offer a grace period after graduation. However, there are more Stafford loans offered by the US Department of Education every year. Stafford loans are even available to students who don't have a pressing financial need. PLUS loans are the final type of US Department of Education loans. Institutional accreditation pertains to the college or University as a whole, where specialized accreditation pertains to the individuals academic programs within the college or University. Accreditation affects the funding that a college or University receives from the Department of Education. The Department of Education does not govern the colleges and Universities that achieve accreditation. Choosing an online college or University that has accreditation form the U.S. Department on Education is the most sensible choice. For example, transferring prior college credits from one accredited college or University to another is easier. Accredited colleges and Universities have agreements with one another to provide smooth transitions for students. Another huge benefit of selecting a U.S. Department of Education accredited college or University is that you will be able to apply for federally funded financial aid in the form of grants, loans, and scholarships. As a student of an online program, you are entitled to financial aid. If you are considering one of the many online college and University degree programs out there, remember to do your research. Make the benefits of online education worth the hard work you put into it by choosing a college and degree program accredited by the U.S. Department of Education.

Finding sources of college funding is an important step towards getting an education. You should apply for student aid first. You can apply online with the department of education. Federal PLUS loans are available for parents who wish to help their children study, but if they do not meet qualifications to receive a PLUS loan, the student can apply for Stafford loans with a higher maximum loan amount. The minimum loan amount increases after every year in college, and as an example, your first year the maximum loan amount is $3500, or $7500 if your parents do not have access to the PLUS loan.

In the case of financial need, the government pays the interest on your loan during your time in college. This is called a subsidized loan. If you are borrowing a Stafford loan with the normal maximum limit, the entire loan is subsidized. Federal loans can be taken from the Department of Education directly, or, through the FFEL program, through private lenders. If you have education expenses which are not covered by federal loans, you can take out private loans as well. Graduate students can take out PLUS and Stafford loans, and you can consolidate your student loans at any time.

Even if you can't pay for your top choice, you can get into a good school if you use all the resources available to you, including Department of Education student loans, financial aid, and private loans.