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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » debt-consolidation loans [student loans]?

debt-consolidation loans [student loans]?

i need some info about “debt-consolidation loans”. im trying to get a loan and i’ve heard that these are have low and fixed rate of intrest. but i don’t know if they are staffurd loan or not.[federal pays the intrest while im at school?]

btw if anybody know a good student loan let me know, so i can apply…


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One Response to "debt-consolidation loans [student loans]?"

  1. mefuture says:
    FFEL and Direct Stafford Loans:

    FFEL Stafford Loans can be issued to undergraduates and graduates. The student must be enrolled at least half-time to be eligible for this loan. The loan amount depends on the student’s grade level in school and dependency status and is not based on financial need. The lender for the FFEL loan is a private lender such as a bank or credit union. The lender for the Direct loan is the U.S. Department of Education.

    FFEL and Direct Plus Loans:

    Student loans offered to parents of students enrolled in eligible education institutions. The undergraduate student must be a dependent and enrolled at least half time. As of July 1, 2006 PLUS Loans are also available to graduate and professional students at participating and eligible postsecondary institutions. Plus loans may be in amounts that cover up to the entire cost of education (including living expenses), less other financial aid. Eligibility is based on the parents or graduate students in question not having an adverse credit history. Additionally, the PLUS Loan program is now available for graduate and professional students to borrow to finance their own educations. The program is expanding away from a parent-only program to include graduate school students. The new option is commonly referred to as the Grad PLUS loan.

    Private Student Loans:

    As a good rule of thumb, students should only apply for private student loans if they have exhausted all other Federal Student Loan options. Private Student Loans are credit risk based. Therefore, they will usually come with a higher interest rate than Federal Student Loans. As well, Private Student Loan lenders may charge higher fees for the issuance of the loan. A loan with a low interest rate but high fees can cost more than a loan with a somewhat higher interest rate and no fees. Consolidating a private student loan is also credit risk based. If your credit is not ideal, a qualified co-signer can be added to become eligible for the consolidation.

    Federal Perkins Loans:

    Federal Perkins Loans can be issued to undergraduates and graduates. The student does not have to be enrolled at least half-time to qualify for this loan. There are allowable loan maximums depending on the student’s grade level in school. The amount a student may receive will depend on financial need, other aid received, and availability of funds at school. The lender for this loan is the school; therefore the student will repay the school.

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