Funding Education Beyond High School: The Guide to Federal Student Aid 2009-10
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Funding Education Beyond High School: The Guide to Federal Student Aid 2009-10
Federal Student Aid at a Glance Education after High School
Reducing the Cost of Education Am I Eligible
Types of Federal Student Aid Other Aid Sources
Be Careful Getting your PIN
Completing the FAFSA Student Aid Report
Information for Borrower Loan Repayment
Postponing Loan Repayment Consolidating your Loans
Loan Discharge(Cancellation) State Higher Education Agencies
Important Terms Other Publications
 


What You Should Know Before You Apply
   

Stafford and PLUS Loan Summary

  • Undergraduate and graduate or professional degree students may receive Stafford Loans. Graduate and professional degree students and parents of dependent undergraduate students may receive PLUS Loans.


  • You must be enrolled at least half-time* at an eligible school in a program leading to a degree or certificate.


  • Student loans are borrowed money that must be repaid, with interest, just like car loans and home mortgages.


  • Student loans cannot be canceled because you didn’t get—or didn’t like—the education you paid for with the loans, didn’t get a job in your field of study or because you’re having financial difficulty.


  • Loans are legal obligations, so think about the amount you’ll have to repay before you take out a loan.


  • The maximum Stafford Loan amount you can borrow each academic year* depends on your academic level in school and whether you are a dependent or independent student.


  • Students who demonstrate financial need are eligible for a subsidized Stafford Loan to cover some or all of that need.


  • For students who are eligible for a subsidized Stafford Loan, the U.S. Department of Education pays the interest while you’re in school at least half-time,* for the first six months after you leave school (your grace period) and during a deferment (a postponement of loan payments).


  • Unsubsidized Stafford Loans do not require a student to have financial need. The borrower is responsible for paying all interest on unsubsidized Stafford Loans.


  • If you have a FFEL loan and need to find a participating lender, your school might have a list. This list is only a starting place when looking for financing. Check the terms and fine print carefully.

More Federal Student Aid Information

Most student financial aid comes from the U.S. Department of Education grant, work-study and loan programs you read about here. Most aid is based on need; your high school grades and class ranking are not considered in this process. If you still have questions about federal student aid programs after reviewing this publication, you can:

  • Go online to our Web site at www.FederalStudentAid.ed.gov.

    This site provides comprehensive, FREE information on the student aid process, and it links to other student aid-related sites.


  • Call our Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).

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