Department of Education to assist American college students in funding their post-secondary education.
Each one of these student loans has its own due dates, interest rates and payment amounts.
Check the federal student aid website for a list of the types of loans that qualify — over 10 different federal loan types are listed.
However, there is a possibility that they could include a school using illegal recruiting tactics – for example, guaranteeing the student a well-paid career.
Department of Education promised debt relief to students of the bankrupt for-profit Corinthian Colleges schools (click here for more information on how to apply).
This means that the monthly payment will change when the government reconfigures the interest rates annually (July 1).
The interest rates on PLUS loans are generally higher than other types of college loans so when interest rates increase, PLUS loans can be greatly affected.Consolidation loans have longer terms than other loans. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans.Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.When you consolidate student loans, you lock in the current interest rate by allowing the lender to repay the entire amount, then repaying the lender free from government interest rate fluctuations.PLUS Loan - Good Choice for Student Loan Consolidation Like many college loans, the PLUS loan (Parent Loan for Undergraduate Students) is a type of federal loan with a variable interest rate.In 2005, the Government Accountability Office considered consolidating consolidation loans so that they were exclusively managed through the FDLP.