That means that interest accumulates while you are in school, and is then added the amount you have to pay back also known as your principal balance once you graduate. While this may sound like a minor difference, it can add up to hundreds or thousands of dollars of debt beyond what you borrowed. A good student loan repayment calculator takes into account the difference between subsidized and unsubsidized loans.
Graduate and professional students can no longer get subsidized loans. Since , they are only eligible for unsubsidized options.
For graduate and professional students, the federal government offers a separate option, called PLUS Loans. There is no borrowing limit for PLUS loans—they can be used to pay the full cost of attendance, minus any other financial aid received, however they have a higher interest rate and origination fee than Stafford Loans as of , the interest rate for PLUS loans is 6. They also require a credit check, so students with bad credit may not be eligible.
But keep in mind that funds for Perkins loans are limited, so in practice those ceilings may be lower at certain schools. Once all federal loan options have been exhausted, students can turn to private loans for any remaining funding. Private loans generally offer far less favorable terms than federal loans, and can be harder to obtain. The interest rate, and your ability to receive private student loans, can depend on your credit record.
While some do provide for the deferment of payments while you are in school, many do not. Private loans do not make sense for everybody, but for some students they can be helpful to bridge the gap between federal loans and the cost of college. The process for obtaining federal financial aid is relatively easy. Then they do the rest. Many colleges also use it to determine your eligibility for scholarships and other options offered by your state or school, so you could qualify for even more financial aid.
A student loan calculator can help. The size of your monthly payments will vary depending on what types of financial aid you are eligible for and what school you attend. In this post: Find out how much you owe in student loans How to find your federal student loan balance How to find your private student loan balance Find out your loan score Find out how much you owe in student loans When you took out your student loans, you agreed to borrow a set amount and to repay it with interest.
How to find your federal student loan balance If you have federal student loans, there are a couple of different ways to track down your balance. Tip: If you want to pay off your debt as quickly as possible so you can save money, check out these strategies that can help you pay off your student loans faster. Enter loan information Loan balance? Interest rate? Loan term? Enter the amount of time left to repay your loan years.
Send feedback to the editorial team. Rate this Article. Thank You for your feedback! Something went wrong. Please try again later. Best Of. Student Loan Basics. More from. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities.
Performance information may have changed since the time of publication. Past performance is not indicative of future results. Forbes Advisor adheres to strict editorial integrity standards. Frequency of Payments: monthly or quarterly. After you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you begin repayment. Fees: You'll pay a fee of up to four percent of the loan, deducted proportionately from each loan disbursement. Because of this deduction, you'll receive slightly less than the amount you're borrowing.
Stafford Loans for Students. Federal Student Aid. Prepayment Penalties: none Fees: You'll pay a fee of up to four percent of the loan, deducted proportionately from each loan disbursement. Schools use this information from the FAFSA to determine your eligibility for most Federal student aid programs and for many state, institutional, and private aid programs.
Additional Information Max Loan Length 30 years, depending upon amount borrowed and repayment plan chosen Interest Rate Variable, does not exceed 8.
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