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Loans: Student Loans
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Loans are the last type of aid for which you are considered, after gift aid and work-study. They are considered self-help financial aid because you must repay the money loaned to you. Student loan programs offer favorable terms reserved for students. Interest rates are lower than typical consumer rates. You may have an interest-free grace period before repayment begins. Some loans may be deferred or repaid if you work in a particular program or government job after graduation.
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Federal student loan consolidation is when you refinance or combine your existing eligible federal student loans into a single loan. When you apply for a Federal Consolidation Loan, you are taking out a new loan to pay off all or a portion of your original eligible federal student loans. The Federal Consolidation Loan has a fixed interest rate and a repayment term of up to 30 years — depending on the total amount of your student loan debt.
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Loan forgiveness programs (in which the borrower's loans are paid off in exchange for volunteer work or military service) offer an option for easy repayment. If you are having difficulty repaying your education loans, see Defaulting on Student Loans before you decide to skip a payment. It offers you some alternatives. Loan Cancellation and Discharge Forms can be found on the US Department of Education web site.
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Federal Stafford loans are low-cost unsecured student loans insured by the Federal government and are the key building blocks for most financial aid packages. Depending on the student's financial need, the interest on the loan may be paid by the Federal government during the in-school period. This makes the loan extremely popular with students. Parents and students can obtain information about Bank of America student loan programs by visiting http://www.bankofamerica.com/studentloans.
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In the past, students who were authorized account holders on their parents' credit cards could get loans with interest rates based on their parents' credit rating. They now will be required in most cases to apply for such loans with their parents as co-signers. Those applying for federal loans may ... find their options more limited, as many major loan companies that work with the federal government temporarily pull out of the federal student loan program.
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[O]f the new, higher interest rates, someone with $20,000 in student loans can expect to pay around $5,000 more in added interest over the life of the loan. Borrower benefits can help you reduce your interest rate before you pay these added charges.
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