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Department Of Education Loans

Students who want to pursue a thriving career must earn a college degree. Many students cannot enroll in college programs because of lack of financial resources. They cannot manage to pay for the costly higher education programs on their own. Such students must not worry as they can avail student loans that can provide them with the money for college in an easy way. Department of Education Loans are one of the most popular types of loans for students who want to pursue a college degree. Compared to other education loans, these financial aid programs have simpler terms and conditions. Their rate of interest is very low which also makes them a great way to have money to pay for tuition and other expenses. The easy terms and conditions of repayment is another factor that makes these loans a great option. Most of these education loans are granted to students on need basis.

Types of Department of Education Loans

Department of Education Loans include programs such as:

  • Federal Stafford Loans
  • Federal Perkins Loans
  • Plus Loans

Federal Strafford loans have a fixed rate of interest. Students get this loan on the basis of need. The repayment starts 6 months after graduation. Federal Perkins Loans are also need based loans. However, they are awarded to the ones who demonstrate extreme financial need. Students can start repaying this type of loan 9 months after graduation. Plus Loans are Department of Education Loans meant for the parents of the students.

Applying for Department of Education Loans

To apply for Department of Education Loans students are required to file the FAFSA application. They must also be enrolled in a college program at least half time. It is also vital to be a U.S citizen to apply for these financial aid programs. Students need to demonstrate financial need as well. Speaking to the financial aid office of the school can also be helpful to apply for these loans. For Plus loans for parents, the borrowers need to have a good credit score.