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Perkins
Loans:
Low-interest (5% percent) federal
student loans awarded to undergraduate and
graduate students with exceptional financial need.
The total amount you can borrow
as an undergraduate is $20,000 after
you complete two years of undergraduate
study; $40,000 for graduate and
professional.
The loan does not charge origination
fees. Your school becomes the lender
using funds shared by the federal
government. You must repay this
loan to your school.
www.ed.gov/prog_info/.../perkins.html
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Stafford Student Loans
The most common form of self-help
aid. These are loans made to students
in undergraduate and graduate-level programs.
These student loans are insured by the federal
government that allow lenders to
lend money at lower-than-normal
rates.
varies by
student grade and status: see loan chart
180 days after graduation
or separation
fixed for the life of the student loan: see rates
no credit
check or co-borrower required
link to our member site at www.SayStudent.com for a complete review of the Stafford loan program
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PLUS Loan Programs
2 Types
- are federal-sponsored student loans for parents
who have dependent undergraduate and graduate students. Parents can borrow up to the full
cost of education minus any financial aid awarded to
the student.
- are federal-sponsored student loans for graduates and professional students. They can borrow up to the full
cost of education (including travel) minus any financial aid received.
PLUS Loans are available to all qualified
borrowers regardless of their financial situation. Borrowers must pass a credit check in order to qualify.
PLUS Loans do require your filing the FAFSA form.
cost of education minus
aid given
60 days after first disbursement for parents
180 days after graduation
or separation for graduates
fixed for the life of the student loan: see rates
no prepayment penalties; no collateral
must pass a credit check in order to qualify.
link to our member site at www.SayStudent.com for a complete review of the PLUS loan program
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Private Student Loans
Many government
programs and loans do not cover the full cost of education
So
many students are turning to private
student loans to make up the difference
between total cost of school and
any financial aid you may receive.
Private Student Loans are offered
by financial institutions, educational
institutions, and professional associations.
They are not guaranteed by the government
so the interest rate and origination
costs may be higher.
You can borrow as much as
you need up to the approved loan
limit.
In addition, the funds can be used
for any education-related expenses,
including a new personal computer
for school use.
The
better your credit history (as a
student and likely with a co-applicant
such as your parent), the lower
the rate and costs.
You need to consider the lending
terms of private loans — borrowing
money comes with fiscal responsibilities.
Inability to follow repayment terms
can affect your credit rating, making
it more difficult to borrow in the
future.
visit our member site at www.SayStudent.com to
review eligibility
requirements and benefits
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Home Equity Loans
Homeowners can
use the equity value in their homes
to pay for education.
- you are not restricted by federal
loan limits
- the funds can be used for any
purpose — including auto
transportation — as determined
by the home equity owner
- funds can be borrowed as they
are needed — not all at
once under many other programs
- the home equity line can be
available from year-to-year without
submitting annual application
and qualification forms
- interest rates for home equity
lines can be as low as the Prime
Rate
- the interest costs for borrowed
funds may be deducted from your
taxes if your qualify —
see your tax advisor for further
information
The equity line
allows parents to draw upon funds
as needed for tuition, books, fees,
living expenses and other miscellaneous
expenses.
The BLOC has been designed to effectively pay education expenses with minimal borrowing costs. The programs works for applicants who have steady working income.
link to our member site www.SayStudent.com for a demonstration on the BLOC program
see introduction and slide demo
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