Student Loan Forgiveness Keiser University

Student Loan Forgiveness Keiser University,Student Loan Forgiveness Keiser University,Federal Stafford Loan Programs

Student Loan Forgiveness Keiser University

 1. Student Loan Forgiveness Keiser University

Student loan forgiveness is a recent program developed by the federal government. Basically, they limit how much interest borrowers have to pay when they take out student loans. When you use these loans, you get a set period of time to repay them. In return, the government will forgive the debt after a certain number of years. Students should ask themselves only if this could apply to their situation before finding out more information about the different types of student loan programs.

2. Federal Perkins Loans

Federal Perkins Loans are intended strictly for students who demonstrate financial need. A school’s admission counselors will do everything they can to find scholarships and grants to help offset the cost of attending class, but sometimes the aid just doesn’t cover enough. That’s where Federal Perkins Loans step in. These are low interest loans, offered directly by the US Department of Education. While the maximum amount of money offered each year may be low, the minimum credit score requirements are fair. To qualify, a student’s household income cannot exceed $50,000 a year. And while some schools will allow you to borrow several thousand dollars, others don’t offer any type of Perkins Loan at all. You should check with your admissions counselor if this option applies to you.

3. Federal Stafford Loan Programs

The Stafford Loan Program is similar to the Perkins Loan Program. However, its terms are less strict than Perkins Loan. The maximum annual loan amount for this program is unlimited, except the borrower and his or her family members make over $80,000 per year. Income limits vary depending on whether the borrower is employed full-time or not. Borrowers often have to wait until December 1st to know if they will receive financial aid or not. If you go to college during the fall semester, you will likely receive aid sooner rather than later. But if you decide to attend in the summer, you might have to wait until after July 15th to get funding.

4. Private Loan Programs

Private loans work similarly to Federal Loans. There are many institutions that provide private student loans, such as banks and credit unions. Like Federal Loans, private lenders will require applicants to meet specific criteria for both income and assets. Because there are higher interest rates, they are generally only meant for those who intend to graduate immediately.

5. Parent PLUS Loans

Parent PLUS Loans are another popular way to finance your education. The good thing about these loans is that they do not require credit checks or collateral. Plus, you can apply for them once your child reaches 18 years old. The bad news is that after 12 consecutive months of missed payments, the parent loans become the responsibility of the child. If you choose to take this route, make sure you have a backup plan ready. Your child may end up having to take out loans that he or she does not want.

6. Scholarships

Many colleges and universities offer scholarships to incoming freshmen. Scholarship applications are due April 1st, so make sure you start early! Check your high school guidance counselor’s website to find out what scholarship opportunities are available to you. Many times, you can apply online. Keep in mind, though, that unless you want to attend a private institution, you will probably need to meet a GPA requirement. Also keep in mind that the lower your family’s income, the fewer scholarships you will receive.