College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

America's Top Student Loan Provider

Which Student Loan is Right for YOU
Life is made from decisions, some small and inconsequential, others you may look back on and think... "That was a turning point in my life". To make a good decision about student loans (a very important decision), requires research and planning.

For the purpose of this article, we'll assume you have already looked into grants and scholarships, if not, PLEASE do so, since that money does not have to paid back, while student loans are just that... a loan and at some point in time, the money will have to be returned.

Assuming you've decided you do need a loan, where do you look? The first place should be federal student loans. They are easier to obtain, interest rates are lower, and they are long term loans created with education in mind.

STUDENT LOAN FACT: The first payment on your loan is due six months and 45 days after graduation.

With that in mind, let's look at the Federal Perkins Loan in more detail. This loan is based on need and that need is determined by information submitted on the FAFSA (The official document used by colleges and universities to determine eligibility for Federal Student Aid). Undergrads can borrow up to $4,000 per year, which is increased to $6,000 per year for grad students.

Next in line is the Federal Stafford Loan which is available to both undergrads and grad students. These loans vary depending on your year of education and current financial situation. Details can be obtained at your college or university financial aid office.

Your Stafford loan can be subsidized or unsubsidized. The difference is simple; with subsidized loans the government pays your interest, while you are responsible for interest payments on unsubsidized loans. Your financial needs and a conversation with your financial aid office, will determine which you are eligible for.

Next on the agenda is where your parents come into the mix, it's called the Federal PLUS Loan (Parent Loan for Undergraduate Students). This is a low cost loan allowing your parents to borrow the amount of money needed for attendance, less other loans, grants and scholarships, already in effect.

While still a government backed loan, this one is a more traditional and requires a credit check, and is not based on financial needs.

Federal loans were designed to be used; if you qualify (and most will) then these are better and easier to obtain than private loans.

FEDERAL STUDENT LOAN FACT: Under certain situations federal loan re-payments can be deferred for up to three years while you are searching for a job.

Private loans are between the individual and the lending institution. These loans are designed to fill the gaps not met with Federal loans. They are be available from banks, possibly your school and organizations created specifically for private student loans.

When looking at these loans remember... your credit will be examined and loan terms will vary; be certain to shop the lenders for their best rates and on your end, protect your credit rating.

FEDERAL AND PRIVATE LOAN THOUGHT: Be conservative, don't borrow more than you need; and remember that unlike a grant, this money DOES have to be repaid.

Continuing your education and obtaining a degree or advanced degree is the single greatest decision you'll make. Abraham Lincoln said "Give me six hours to chop down a tree and I will spend the first four sharpening the axe". Your education is YOU sharpening that axe, the axe that can cut through the adversities of life. Money should not be something that stops you from obtaining your education, and with student loans, it no longer should.


Article Title : Which Student Loan is Right for YOU
Comment not found for this article.

Related articles
• Finding The Right College Student Loan
• Student Loan Consolidation Information - What Are The Pros & Cons Of Private Student Loans
• Finding the Educational Loans You Need Now
• Finding Financial Aid For Student Loans
• Private Student Loans VS Federal Student Loans

Share this story:
  • BlinkList
  • blogmarks
  • Digg
  • Facebook
  • Google
  • Sphinn
  • MySpace
  • NewsVine
  • Simpy
  • StumbleUpon
  • Technorati
  • E-mail this story to a friend!
  • Print this article!
  • Faves
  • Furl
  • Netvouz
  • Slashdot
  • Spurl
  • Yahoo! Buzz

EdFed introduces… Awareness… Learnal
At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!

How EdFed Helped others!
I recently did a consolidation for my son, who is attending medical school. The representatives that I spoke with were extremely helpful. They explained every step in the consolidation process in detail so that I had no questions. They were also very efficient in following up with me.
- Charlene W.  St. Paul, MN
* Your Name: * Your E-mail Address:

We respect your privacy.
* Your Friend's name: * Your Friend's E-mail address:
Include a Message:
+ Privacy Policy

Student Loan Consolidation Info - How to Choose the Right Loan Company

This column is sponsored by Granted, America's top job search engine. The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.

Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

read more
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

news desk
Stafford Loan Payment Calculator
PLUS Loan Payment Calculator
Loan Consolidation Payment Calculator
Glossary of Terms
Loan Comparison Chart
Scholarship Search
If you are unhappy with your current interest rate and/or lender, contact an expert at EdFed today to find out how you can begin saving money by consolidating.
US School Directory
Comprehensive List of Schools at which EdFed Assists Students.
EdFed is a FFELP lender with lender identification number 834241.
© Copyright 2020 EdFed. All Rights Reserved.

Home · About Us · Contact Us · News · Sitemap
Career Advice · Tell a Friend · Privacy Policy · Resume Service
Resume Distribution Service · Post Resume · Job Search Course
Sign up for the latest news on student loans.
Email Address:
+ Most Recent Newsletter
+ Newsletter Archives