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Federal College Loans

Federal college loans are loan programs extended by the government to students facing financial constraints. These are strictly based on the need for finances and students must display their need for finance in order to qualify for federal college loans. These are offered in a number of different programs. These include:


  • Parent PLUS Loans
  • Grad PLUS Loans
  • Stafford Loans
  • Perkin Loans

Each of the above mentioned loan programs offered by the government require the applicants to be enrolled in an accredited higher education institute and the applicant must be at least enrolled half time at the institute. Students are required to fill in the Free Application for Student Financial Aid (FAFSA) and submit to the admission office of their respective institute. Students are informed about their status on federal college loans through their institutes.

What Are The Prerequisites to Get Federal College Loans?

Students enrolled in graduate or undergraduate programs, both, can apply for financial assistance. The amount of financial assistance depends on the level of need for finances for the applicant. In order to qualify for federal college loans, applicant must be a legal citizen of the United States and have a valid SSN. Applicant also needs to be enrolled in an accredited institute offering higher education.

What Are The Advantages Of Getting Federal College Loans?

Federal college loans are the cheapest source of funding for students. As the loans are extended by the government, students are offered these loans at a fixed interest rate which is the lowest any other financial intermediary is ever going to offer. Federal college loans allow students to defer their loan repayment until they graduate and are allowed a grace period up till six months after graduation to allow students the time to find a suitable job for themselves before having to worry about repaying.


How Much Can I Borrow With Federal College Loans?

Students can borrow up till the entire cost of education which includes expenses like accommodation, travel, stationary, personal computer, and others. However, it is not mandatory that each applicant will receive the exact amount they have applied for. The government makes their own calculation and awards as much money as they think the student requires.