I think I might loose my deferment options. Any ideas?
NEVER EVER consolidate a Perkins loan with your other Stafford Loans. If you do, you definitely lose all of your Perkins deferment and forgiveness provisions. Additionally, doing so will convert the loan to an unsubsidized loan.
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Do you have students loans if so are they federal loans or private loans? If so, how much do you think your minimum monthly payments will be, when it's time to start paying off the loan?
what i would do is take a look at http://www.loanfrombank.com here you will find all your loans needs includng other options for student loans.
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Applying for free government grants, loans and scholarships begins with the free FAFSA online application, which helps to determine the estimated family contribution and the government’s contribution. Apply for student financial aid, including the Pell grants, Stafford loans and Perkins loans, with financial advice from a guidance counselor in this free video on student loans.
Expert: Cheri Ashwood
Bio: Cheri Ashwood has a Bachelor’s Degree in psychology and education, and she has been a guidance counselor for nearly a decade.
Filmmaker: Christopher Rokosz
Duration : 0:1:32
If the default is duly noted with FMS, then the rebate will go to the loan (as it should).
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Student Loans
For many students, the dream of getting a higher education just isn’t possible without the financial aid of a student loan. Fortunately, there are many opportunities out there to apply for and receive a student loan. And even better, http://bills.com is here to give you all the knowledge you need to choose the best student loan for you.
Student loans generally come from two sources: the federal government and private financial institutions, such as banks. Both require repayment of the loan, but that’s where the similarities end. Let’s take a look at both federal and private student loans.
Federal student loans are sponsored by the government and account for the biggest chunk of education loans. There are three main federal loan programs: The Perkins Loan, The Stafford Loan, and The Parent Loan For Undergraduate Students, also known as PLUS.
The Perkins Loan is the most affordable student loan, with an interest rate of 5% and low fees. But it’s also the hardest to get because it’s only given to those who need it the most. And the loan limit, at $4000, is the lowest of all three federal student loans.
The Stafford Loan comes with a variable interest rate that’s higher than the Perkins, but lower than the PLUS Loan, due to the cap at 8.25%. As with the Perkins Loan, this student loan does not hold credit worthiness against the applicant. The Stafford Loan also has a much higher loan limit and is offered to both graduate and undergraduate students.
Compared to the Perkins and Stafford Student Loans, which are borrowed in the student’s name, the PLUS Loan is completely different in that it is a loan for parents of dependent undergraduate students. A big advantage of this type of student loan is that it covers any remaining balance not covered by other forms of aid - in essence the loan limit covers your entire educational expense.
Now that we’ve familiarized ourselves with the different types of federal student loans, let’s identify the attributes of a private student loan. This is a loan from a financial institution that takes into account your creditworthiness, not your need for aid. Your credit is reviewed by lenders and if approved, you can get a substantial size student loan in minutes, sometimes up to $30,000. A downside to private student loans is that repayment terms typically cap at 15 years, compared to 30 years for a federal loan. Also, if you become disabled or deceased, your heirs are required to payoff your student loan, whereas in a federal loan, the loan is forgiven, making repayment unnecessary.
As you can see, you have several choices when it comes to student loans. Making sure you choose the best option is a matter of getting informed on these choices, and picking to student loan that best fits your needs.
I read on a student loan pamphlet that outstanding Perkins loans can be paid off, is this true?
Yes, your Perkins loans (not your Staffords) can be forgiven if you are a law enforcement or corrections officer. Up to 100% of your Perkins loan can be forgiven — the exact percentage depends on how long you have worked in your field (generally, they forgive 20% of the loan per year for five years). Because Perkins loans are held and administered by your school, there is no standardized cancellation form, so just contact your school (or the 3rd party servicer who bills you) to see what their application process is. Good luck!
This guide will help demystify the student loan process for you. You’re about to invest in your future and you need to be equipped with knowledge so you can get the best loan and understand all your options.
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