Government Student Loans
Student loans are a form of financial assistance offered to students in order to cover the enormous costs associated with attending college. By providing students with quickly accessible funds, student loans allow students to attend college without having to immediately deal with any financial hurdles that could keep them from completing their degree program. Student loans in the U.S. are offered by both the Department of Education as well as certified private lenders, and they allow students to explore and pursue various academic opportunities without the obstacle posed by financial constraints.
About Government Student Loans
The U.S. Department of Education offers financial aid in the forms of student loans and grants. Government Student Loans are disbursed from the Department of Education, and they allow students to borrow money in order to cover college costs. Interest rates on government student loans are often quite favorable, and repayment on most government student loans does not begin until after the borrower graduates. Government student loans are available without a cosigner, and are accessible in two forms: subsidized and unsubsidized federal student loans.
- Subsidized student loans are obtainable by students who demonstrate financial need. The U.S. government pays the interest on subsidized student loans during the enrollment period, and the students simply have to pay the borrowed amount after graduation, though interest begins to accrue upon graduation.
- Unsubsidized student loans are accessible to any student, as they are not awarded on the basis of financial need. Interest accrues on the loan while the student is enrolled, and repayment begins after graduation. Borrowers also have the option of paying back the interest while they’re in school.
All applicants who are U.S. citizens or certified non-citizens are eligible for government student loans. In order to receive government student loans, a borrower must file and submit the Free Application for Federal Student Aid (FAFSA). The evaluation of the socio-economic status of the applicants is necessary as it determines the eligibility of the applicants for government student loans and the amount that they can borrow.
Government student loans have an interest rate that is generally at least 2% lower than typical private loans. Government student loans offer a grace period of six months after graduation or when the student drops below full-time status before repayment begins. Borrowers have the choice of extending the repayment period, which decreases the monthly installment to be paid but increases the interest on the loan and thus the total cost of the loan will increase as well.
Student government loans are loans offered to students by the federal government. In order to qualify for a federal loan, the applicant needs to be a permanent legal U.S. citizen with a social security number, must have completed high school education, be enrolled in an accredited American institute for higher education, must display the need for finances, and must not have defaulted on any other federal or private loan.
Can I apply for a federal government student loans if I have a drug related conviction on my record?
The federal government takes drug related convictions very seriously. Depending on the type of conviction, students can find themselves barred from applying for financial aid. If the students has been convicted of possession of illegal drugs, on the first offense the ineligibility lasts for one year, the second offense can see the student barred for two years, and the third offense bars the student indefinitely. Sale of illegal drugs is taken much more seriously. On the first offense, the student is barred for two years and second offense bars them indefinitely.
Miscellaneous Student Loan Topics
- Bank Loans
- Be Smart About Private Student Loans
- Before Borrowing Student Loans
- Choosing the Best Loans
- Choosing Private Student Loans
- Choosing the Right One
- Choosing the Right Student Loan for You Video
- College Cost Calculator
- College Loan Rates
- College Loans Parents
- College Savings Plan
- College Tuition Costs
- How to Compare
- Continuing Education Loans
- Credit Score
- Credit Score Student Loan
- Dept of Education
- Education Loan Borrowing Process
- Federal Student Loans Forgiveness
- Federal Vs Private
- GradPLUS Loan
- Graduate School Funding
- Hierarchy of Loans College on the Cheap
- Hope Education Credit
- Independent Student Status
- Interest Rates
- LIBOR And Prime Rates
- National Student Loan Database
- Parent PLUS Loans
- Paying Off
- Rights Responsibilities As a Student Loan Borrower
- School Loan Interest Rates
- School Loans
- Student Financial Aid Services
- Student Loan Calculator
- Student Loan Lessons Learned
- Student Resources
- Successful Application
- The Student Loan Checklist
- Tips on How Much to Borrow
- US Department of Education Loan
- US Department of Education Loan Payment
- US Department of Education Loan Servicing
- US Department of Education Online Payment